On March 3, 2010, the district court in Connecticut granted preliminary approval of the proposed settlement in Phones Plus, Inc. v. Hartford Life Insurance Co. Under the settlement, Hartford will pay approximately $14 million and will make several changes to its basic plan documents, group annuity contracts and funding agreements. Hartford also will provide to its current and future plan customers additional disclosures regarding revenue sharing.
Please see the attached memorandum for additional information and our observations on the settlement.