This suit was not groundless. The Hartford was kicking $ back to themselves by charging the employees that settled an admin fee of 15%. This is pure racketeering – plain and simple.
If they had purchased the annuities with another company, the same fees or more would have incurred. You do not purchase an annuity without incurring any expense. This was misleading as suit alledged this was a kickback. Try to purchase a single pay annuity without any expense and let me know where you purchased it and I would like to buy one.
Stuctured settlements have been a recognized cost-effective method to maximize payments to claimants. Setting aside that issue…..the real rape of society here is the contingent fee that allows lawyers to be unjustly enriched over trivial matters while their clients come away with paltry amounts. The contingency fee must go.
Without them my premiums would be nothing and my income wouldnt allow me to eat.
Go ahead and sue everyone who has an insurance policy, Please do so, so the rates will continue to climb. With this soft market and the Obama economy, I really need it. Thanks and keep suing.
I got a notice recently about a class action suit against the mfg of my vehicle. The issue was very, very minor.
I forget the exact amounts but the spread is about right. They set up an $8 million compensation fund for reimbursement of actual expenses incurred. The attorneys got $32 million.
I flew off the handle and wrote inspired letters to the judge and lead counsels. I’m sure they had a good laugh together and then cashed the checks.
Matt,
Good for you for writing a letter. Many people do not. I wish more people were like you. Keep the letters going and hope the rest of us follow suit.
There will always be some percentage of human beings who’s greed and stupidity will spur B.S. litigation like this. Since equally greedy lawyers run the country and the courts, we’re doomed. The fact is, the lawyers will fight to the death to protect their lottery. (contingent fee) They have the resources to do that. The insurance industry lacks the stones to challenge them.
Before I read your Comments, I thought this was one settlement that was reasonable: 21,000 claimants x $3,300 = $69.3MM. The total judgement was $72.5MM which leaves $3.2MM for the attorneys – only 4.4% of the total judgement! I thought they normally got 25-33%. Am I missing something?
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Enough said. This kind of thing should be outlawed. Shame on the judge for approving it. The suit was probably groundless to begin with.
Deceptive dealing is a core value of some insurance companies.
Claims guy,
This suit was not groundless. The Hartford was kicking $ back to themselves by charging the employees that settled an admin fee of 15%. This is pure racketeering – plain and simple.
If they had purchased the annuities with another company, the same fees or more would have incurred. You do not purchase an annuity without incurring any expense. This was misleading as suit alledged this was a kickback. Try to purchase a single pay annuity without any expense and let me know where you purchased it and I would like to buy one.
Stuctured settlements have been a recognized cost-effective method to maximize payments to claimants. Setting aside that issue…..the real rape of society here is the contingent fee that allows lawyers to be unjustly enriched over trivial matters while their clients come away with paltry amounts. The contingency fee must go.
Without them my premiums would be nothing and my income wouldnt allow me to eat.
Go ahead and sue everyone who has an insurance policy, Please do so, so the rates will continue to climb. With this soft market and the Obama economy, I really need it. Thanks and keep suing.
I got a notice recently about a class action suit against the mfg of my vehicle. The issue was very, very minor.
I forget the exact amounts but the spread is about right. They set up an $8 million compensation fund for reimbursement of actual expenses incurred. The attorneys got $32 million.
I flew off the handle and wrote inspired letters to the judge and lead counsels. I’m sure they had a good laugh together and then cashed the checks.
Matt,
Good for you for writing a letter. Many people do not. I wish more people were like you. Keep the letters going and hope the rest of us follow suit.
There will always be some percentage of human beings who’s greed and stupidity will spur B.S. litigation like this. Since equally greedy lawyers run the country and the courts, we’re doomed. The fact is, the lawyers will fight to the death to protect their lottery. (contingent fee) They have the resources to do that. The insurance industry lacks the stones to challenge them.
Before I read your Comments, I thought this was one settlement that was reasonable: 21,000 claimants x $3,300 = $69.3MM. The total judgement was $72.5MM which leaves $3.2MM for the attorneys – only 4.4% of the total judgement! I thought they normally got 25-33%. Am I missing something?