The class action lawsuit alleges that Voya breached its contracts with certain policy owners. In May 2016, policyholders were issued letters announcing that their insurance policies would be subject to cost of insurance (“COI”) rate increases, and Plaintiff asserts those COI rate increases violated the terms of the policyholders’ contracts, and that Plaintiff and members of the Class have been damaged, as a result. Voya denies Plaintiff’s claims and asserts multiple defenses, including that Voya’s challenged actions are lawful, justified, and have not harmed Plaintiff or caused any damages.
On March 13, 2019, the United States District Court for the Southern District of New York granted Plaintiff’s motion for class certification for breach of contract against Voya. The Court also denied class certification of unjust enrichment against Lincoln, which, as a result, is not part of this class action.
The Court’s order certifying the Class does not predict or guarantee that Class Members will receive any money or benefits; that will be decided later. In certifying this lawsuit as a class action, the Court has made no decision as to the merits of the Plaintiff’s legal claims or Voya’s defenses.