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Violation Tracker Individual Record

Company: John Hancock Life Insurance Company
Current Parent Company: Manulife Financial
Penalty: $91,250,000
Year: 2019
Date: March 29, 2019
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: insurance violation
Violation Description: John Hancock agreed to pay over $91 million to settle class action litigation accusing the company of raising life insurance rates by using improper mortality rate calculations.
Level of Government: federal
Action Type: private litigation
Court: Southern District of New York
Civil or Criminal Case: civil
Case ID: 1:15cv9924
Case Name: 37 Besen Parkway, LLC v. John Hancock Life Insurance Company (U.S.A.)
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: Canada
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.