SGT served as court-appointed co-class counsel for a nationwide class against The Hartford Financial Services Group, Inc. and its affiliates on behalf of approximately 22,000 claimants who entered into individual structured settlements with Hartford property and casualty insurers to settle personal injury and workers’ compensation claims. The class alleged that defendants violated the civil Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §§ 1961, et seq., and committed common law fraud in connection with the funding of these structured settlements through the insurers’ purchase of annuities from their affiliate, Hartford Life. By purchasing the annuity from Hartford Life, The Hartford insurers allegedly were able to retain up to 15% of the structured amount used to fund each claimant’s individual settlement in the form of undisclosed costs, commissions, and profit – all of which was concealed from the settling claimants. The case settled for $72.5 million on the eve of trial.
The case was Spencer, et al. v. The Hartford Financial Services Group, et al., No. 3:05-cv-1681 (D. Conn.).