Welcome to the Silverstein v. Genworth Life Insurance Company Settlement Website
If you own or owned a Gold or Gold II Universal Life Policy insured by Genworth Life Insurance Company ("GLIC") that was subject to a COI rate change announced in 2019, your rights and options may be affected by a class action settlement
What is the lawsuit about?
The class action lawsuit alleges that GLIC breached its contracts with certain policy owners. In 2019, policy owners were issued letters announcing that their insurance policies would be subject to COI rate increases. Plaintiff asserts those COI rate increases violated the terms of the policy holders’ contracts, and that Plaintiff and members of the Class have been damaged as a result. GLIC denies Plaintiff’s claims; however, both sides have agreed to the Settlement to avoid the risks, costs, and delays of further litigation, including an appeal, so that people affected will get a chance to receive compensation.
Who is included?
The Settlement Class consists of all owners of Gold and Gold II universal life insurance policies issued, insured, or assumed by GLIC, or its predecessors or successors, whose COI Rate Scales were changed as a result of the 2019 COI Rate Adjustment. See FAQ 3 and FAQ 8 for more information.
How can I be eligible to receive a settlement payment?
You will automatically receive a payment in the mail if you are entitled to one. No claims need to be filed. For more information regarding settlement payments, please review FAQs 12-13.
Legal Rights and Options
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| Do Nothing | Get certain benefits from the Settlement - automatically receive a payment in the mail if you are entitled to one. Be bound by the Settlement. Give up your right to sue or continue to sue GLIC for the claims in this case. |
| Ask to be Excluded ("Opt Out") Deadline: December 10, 2024 (Postmarked) |
Remove yourself from the Settlement Class. Get no benefits from the Settlement. Keep your right to sue or continue to sue GLIC, at your own expense, for the claims in this case. For more information, please review FAQ 14. |
| Object Deadline: December 10, 2024 (Filed and Served) |
Tell the Court what you do not like about the Settlement. The purpose of an objection to the Settlement is to persuade the Court not to approve the proposed Settlement. A successful objection to the Settlement may mean that the objector and other members of the Class are not bound by the Settlement. For more information, please review FAQ 20. |
| Go to the Hearing Scheduled for January 3, 2025 Deadline: December 10, 2924 (Filed and Served) |
Ask to speak in Court about the settlement. For more information, please review FAQ 24. |
For More Information
Visit this website often to get the most up-to-date information.
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