April 25, 2017
Pennsylvania Mutual Life Insurance Co. has struck a $110 million settlement with a class of policyholders who alleged the company breached its obligations by improperly withholding surplus funds rather than distributing them as dividends, bringing to a close a five-year-old suit in federal court.
April 11, 2014
A Pennsylvania federal judge on Friday dismissed a class action alleging Pennsylvania Mutual Life Insurance Co. cheated policyholders out of more than $5 million by holding on to profits rather than distributing them, ruling the issue is under the Pennsylvania Insurance Department's discretion.
November 01, 2012
Pennsylvania Mutual Life Insurance Co. was hit by a class action Wednesday alleging the company improperly held on to profits rather than distributing them to policyholders as dividends, thus cheating policyholders out of more than $5 million over at least 18 years.