Thank you for sharing!

Your article was successfully shared with the contacts you provided.

A Connecticut judge has granted class-action status to a lawsuit accusing Travelers Property Casualty of violating the state’s unfair trade practices act when dealing with claimants who agree to structured settlements. The suit also alleges civil conspiracy, breach of contract, and unjust enrichment.

The lead plaintiff, Lisa Macomber, is a Travelers policyholder who suffered an automobile accident during the late 1980s in Connecticut and had settled a personal-injury claim with the insurer for $70,000 in cash, plus a structured payout of a $1,000 a year for life with a 30-year guaranty. Her complaint alleges that Travelers routinely spent less on the purchase of annuities than it had agreed to spend in settlements, and that the brokers involved in the annuity transactions, including Travelers Equity Sales and Salomon Smith Barney Holdings, routinely paid up to 50 percent of their commissions to Travelers Property Casualty. These practices allowed Travelers to overstate the actual dollar amounts it used to fund structured settlements, the suit contends.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.