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