Chimicles & Tikellis LLP represents the class of Pennsylvania policyholders of Executive Life Insurance Company of California. That company was declared insolvent by the California Commissioner of Insurance in 1991. The suit sought damages pursuant to the Pennsylvania Life and Health Insurance Guaranty Act. In June, 1998, the Court of Common Pleas of Philadelphia County entered judgment in favor of the plaintiff class in an amount exceeding $16 million, plus interest. That decision was later affirmed by the Pennsylvania Superior Court. In December 2000, the trial court approved the plan of allocation of the judgment proceeds. We have finalized the distribution to the vast bulk of the class members and are presently dealing with final administrative items such as tracing missing class members. While distributions varied widely based upon policy type, many policyholders received significant distributions of thousands of dollars.

   Friday, July 04th, 2008