RICHMOND, VA – Geoff McDonald, founder and president of Geoff McDonald & Associates is a member of the legal team that recently won a $40.5 million settlement against Banner Life and related company William Penn Life Insurance of New York accused of illegally increasing premiums for 7,600 existing life insurance policyholders.
Geoff McDonald & Associates, a personal injury law firm based in Richmond, joined three other law firms in representing policyholders who received notices from Banner Life that their monthly payments would increase by as much as 1,000 percent. McDonald and co-counsel and partner, Frank H. Hupfl, represented their client who was notified that his monthly premium increased from $285 to $1,860.
After five years of litigation the case was resolved on May 20 with Maryland U.S. District Judge Richard D. Bennett approving a settlement that included these terms:
- a common settlement fund of $22.5 million awarded to the three named plaintiffs and a class representing over 10,000 members,
- an agreement that the insurance companies will forgo similar rate increases for five years and $18 million in equitable, non-monetary relief, and
- the collective value of the proposed settlement benefits of $40,749,525.
In expressing satisfaction with the recovery amount for the policyholders and impact on the life insurance companies, McDonald stated, “I like to think our firm helped tamp down the fraud and other improper actions committed by life insurance companies.”
About Geoff McDonald & Associates, P.C.
Geoff McDonald & Associates (GMA) is a Richmond, Virginia personal injury law firm counseling clients on motor vehicle, motorcycle and truck accidents, brain injury, wrongful death, defective products, workers’ compensation, social security and insurance fraud. GMA also serves families and children through the firm’s dedicated Children’s Injury Law Center. For more information visit https://www.mcdonaldinjurylaw.com.