Transamerica Settles Policyholder Class Action for $195 Million

October 8, 2018 by

Transamerica Life Insurance Company has agreed to settle a class action lawsuit brought on behalf of policyholders across the United States alleging that Transamerica improperly increased the monthly charges that the company withdrew from the accounts of policyholders who own certain “universal life” insurance policies.

Under the proposed settlement, which was submitted to the federal district court in Los Angeles, Transamerica has agreed to pay up to $195 million into a fund which, after payment of Plaintiffs’ attorneys’ fees and expenses approved by the court, will be distributed to existing policyholders and those whose policies terminated or lapsed after the increases were first imposed in 2015 and 2016. The settlement fund equals approximately 62% of the past alleged overcharges, not including legal fees and expenses. The settlement payments will automatically increase the account values of the existing policies owned by class members; owners of terminated policies will receive cash payments. No claim forms will be required.


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Steve Larson
An experienced trial lawyer who handles both hourly and contingent fee cases, Steve has expertise in class actions, consumer cases, antitrust litigation, securities litigation, corporate disputes, intellectual property disputes, unfair competition claims, employment matters, and disputes involving family wealth. Steve regularly represents individuals and businesses in federal and state court and has obtained class-wide recovery in multiple class actions. A veteran practitioner, Steve's clients value his creative approach to resolving complex litigation matters.

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