Judge Awards $13M Under ERISA To Beneficiaries Who Received Benefits Through RAA

Judge Awards $13M Under ERISA To Beneficiaries Who Received Benefits Through RAA

PORTLAND, Maine - A federal judge in Maine on Sept. 11 awarded more than $13 million in damages and prejudgment interest to a class of life insurance beneficiaries who received benefits through retained asset accounts (RAAs) on their claims that Unum Life Insurance Company of America breached its fiduciary duty under the Employee Retirement Income Security Act to act solely in the interest of the beneficiaries by failing to credit a sufficient rate of interest to their RAAs (Denise Merrimon, et al. v. Unum Life Insurance Company of America, No. 2:10-cv-00447, D. Maine; 2013 U.S. Dist. LEXIS 129619).

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