Md. Federal Judge Approves Settlement of Banner Life Insurance Class Actions

BALTIMORE — A Maryland federal judge has preliminarily approved a settlement reached in two class actions accusing Banner Life Insurance Co. of shifting its debt to offshore reinsurers in order to hide its “questionable” solvency.

According to an Oct. 17 order signed by Judge Richard D. Bennett of the U.S. District Court for the District of Maryland, settlement benefits will be provided to members of a nationwide settlement class and resolve all claims in Dickman v. Banner Life Insurance Co., No. 00129 and in Rich v. William Penn Life Insurance Co. of New York, No. 17-2026 (D. Md.).

Plaintiffs purchased …