Ohio based Nationwide Mutual Insurance settles $6 million lawsuit

Ohio based Nationwide Mutual Insurance settles $6 million lawsuit

Nationwide Mutual Insurance Company in Columbus settles class action suit.

Columbus, OH–Insurance litigation lawyers for the Columbus, Ohio based Nationwide Mutual Insurance Company have reached a $6 million settlement agreement in a class action lawsuit initiated by a Rhode Island man in 2005, as reported by the Columbus Dispatch on Thursday. According to court documents the $6 million settlement proposal is scheduled for final approval before the judge in Franklin County Common Pleas Court on June 5, 2009.

Plaintiffs attorneys claimed, in the initial legal action filing, Nationwide charged insurance policy consumers more than the guaranteed maximum premium on certain term life-insurance policies. The class-action litigation alleges as many as 200,000 customers issued insurance policies between February 10, 1990 through February 2, 2006. The lawsuit estimated financial damages to Nationwide customers at $9.3 million and executives at Nationwide have maintained no corporate wrongdoing.

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