Disability Law

Spencer v. Hartford - 5

By Patrick Hindert

Hartford Financial Insurance Group announced today it has reached an agreement in principle to settle the Spencer v. Hartford class action structured settlement lawsuit resulting in a $47 million after-tax charge contingent upon court approval.

The class action lawsuit was first filed in U.S. District Court in Bridgeport, CT October 31, 2005. The lawsuit alleges Hartford committed Civil RICO and state-law fraud violations as part of its structured settlement program. The lawsuit and settlement potentially involve thousands of structured settlement recipients. Hartford terminated its structured settlement program in 2009.

Hartford's announcement appears as part of the company's report of first quarter financial results for 2010.

Prior S2KM reporting about Spencer v. Hartford:

• Spencer v. Hartford - 1 - summarizes case background and developments up to April 6, 2009.
• Spencer v. Hartford - 2 - provides S2KM commentary about the plaintiffs' allegations, potential damages, NSSTA's Code of Ethics, and selected educational discussions from the NSSTA 2009 Winter Meeting.
• Spencer v. Hartford - 3 - identifies questions and lessons resulting from Spencer v. Hartford and offers a proposed S2KM solution to improve structured settlement business practices.
• Spencer v. Hartford - 4 - reports the October 14, 2009 denial by the United States Second Circuit Court of Appeals of Hartford's petition for appeal.

Full post as published by Beyond Structured Settlements on April 29, 2010 (boomark / email).