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Hartford Financial Services Group might have short changed consumers that received a structured settlement as part of a personal injury and worker compensation claim.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topic
- Investments
Product or Service
- Annuities
Injury Type
- Monetary Loss
Investigation Details
Investigation and a pending national class action against The Hartford Financial Services Group and its affiliates concerning allegations regarding Hartford's structured settlements.
It is alleged that whenever a Hartford property and casualty insurer settles a personal injury or workers' compensation claim using a structure that provides a future stream of payments to the claimant, Hartford funds the structure by purchasing an annuity from its own life insurance companies (typically Hartford Life).
The action alleges that, by purchasing the annuity from itself, Hartford improperly retained up to 15% of the value that it promised to pay to settle the claims in undisclosed costs, commissions and earnings that rightfully belonged to the settling claimant.
The action seeks to recover those funds retained by Hartford.
It is alleged that whenever a Hartford property and casualty insurer settles a personal injury or workers' compensation claim using a structure that provides a future stream of payments to the claimant, Hartford funds the structure by purchasing an annuity from its own life insurance companies (typically Hartford Life).
The action alleges that, by purchasing the annuity from itself, Hartford improperly retained up to 15% of the value that it promised to pay to settle the claims in undisclosed costs, commissions and earnings that rightfully belonged to the settling claimant.
The action seeks to recover those funds retained by Hartford.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Hartford Financial Services Group (HIG) | Hartford Financial Services Group is a large insurance company and financial services company. Its subsidiaries include American Maturity Life Insurance Company; First State Insurance Company; Hartford Accident and Indemnity Company; Hartford Administrative Services Company; Hartford Casualty Insurance Company; Hartford Equity Sales Company, Inc.; Hartford Fire Insurance Company; Hartford Fire, General Agency, Inc.; Hartford HLS Series Fund II, Inc.; Hartford Insurance Company of Illinois; Hartford Insurance Company of the Midwest; Hartford Insurance Company of the Southeast; Hartford International Life Reassurance Corporation; Hartford Investment Advisory Company, LLC; Hartford Investment Financial Services, LLC; Hartford Investment Management Company; Hartford Life and Accident Insurance Company; Hartford Life and Annuity Insurance Company; Hartford Life Insurance Company; Hartford Lloyd’s Insurance Company; Hartford Mezzanine Investors I, LLC; Hartford Retirement Services, LLC ; Hartford Securities Distribution Company, Inc.; Hartford Series Fund, Inc.; Hartford Specialty Company; Hartford Specialty Insurance Services of Texas, LLC; Hartford Underwriters Insurance Company; Hartford-Comprehensive Employee Benefit Service Company; HL Investment Advisors, LLC; Hartford Life Private Placement, LLC; M-CAP Insurance Agency, LLC; New England Insurance Company; Nutmeg Insurance Agency, Inc.; Nutmeg Insurance Company; Pacific Insurance Company, Limited; Planco, LLC; Planco Financial Services, LLC; Property and Casualty Insurance Company of Hartford; Sentinel Insurance Company, Ltd.; Specialty Risk Services, LLC.; The Hartford Income Shares Fund, Inc.; The Hartford Mutual Funds II, Inc.; The Hartford Mutual Funds, Inc.; Trumbull Insurance Company; Trumbull Services, L.L.C.; Twin City Fire Insurance Company; Woodbury Financial Services, Inc. |