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Class Action Costs Insurance Company $72.5M, June 2010

November 12, 2013 

Spencer, et al. v. The Hartford Financial

Services Group, Inc., et al.: A five-year

court battle has ended with The Hartford

Financial Services Group agreeing to pay

$72.5 million to 21,000 people.

The plaintiffs in the nationwide class

action were people who had been injured

and were owed insurance payments as

compensation. They claimed that instead

of paying the full settlement, The Hartford

deducted 15 percent, after claiming that

money was needed, in part, to cover the

costs of purchasing an annuity.

“It’s a great settlement because people who

have been victimized by corporate fraud

are getting reimbursed,” said David Golub,

of Stamford’s Silver, Golub & Teitell, who,

along with four out-of-state firms, served as

plaintiff’s counsel in the class action filed in

U.S. District Court in Bridgeport.

The Hartford was represented by