Carmel - Indianapolis-based insurance company Conseco says it has agreed to settle a class-action lawsuit against its life insurance division.
The company will post a $100 million charge for related costs in the quarter that ended June 30th.
The lawsuit alleged Conseco Life Insurance Company forced clients to pay higher premiums on some universal life policies or surrender them for cash to improve the parent company's finances. Conseco says it acquired the policies through mergers with other insurance companies.
The settlement is tentative, subject to a court hearing and other conditions.
Conseco emerged from Chapter Eleven protection in September 2003.
(Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)
