A federal appeals court last week reinstated a 2004 securities class-action lawsuit against The Hartford, alleging stockholders were misled because the company did not disclose it had paid insurance brokers kickbacks in the form of contingency fees to win business.
The decision by the 2nd U.S. Circuit Court of Appeals in New York throws out a ruling by U.S. District Court Judge Christopher F. Droney in Hartford, Conn., and remands the case for trial. Judge Droney dismissed the case in 2006, finding that the statute of limitations had run out for the plaintiffs to file an action.
Plaintiffs in the case–Staehr vs. The Hartford Financial Services Group Inc.–include the Alaska Laborers Employers Retirement Fund and The Communication Workers of America Plan for Employees' Pensions and Death Benefits.
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