Hubbard & Biederman LLP

Successes

Class Actions

The following is a partial list of cases in which the Firm’s attorneys have been lead or co-lead counsel:

• Picow et al. v. Security Life and Trust Insurance Company, Dallas County District Court, Dallas, Texas. Settlement recovery for the class of life insurance policyholders involving available benefits that exceeded $10 million in connection with a breach of a promise or representation concerning waiver of certain cost of insurance charges after a certain period of time. For class members who had in-force policies, the settlement provided waiver of the insurance company charges sought in the lawsuit.
• Elmore et al. v. Esquire Deposition Services, Jefferson County District Court, Beaumont, Texas. Settlement recovery for the class of attorneys and clients involving available benefits of approximately $250,000 in cash and $2,000,000 in credits for the cost of future depositions in connection with a claim involving excessive interest charges in the form of account service fees. The relief also included the discontinuation of the practice of assessing such fees. By cancelling all unpaid all excessive interest charges and returning all paid interest charges, the settlement provided the principal relief to the class sought in the lawsuit.
• Gelfman et al.v. Weeden Investors, L.P., Chancery Court for New Castle, Delaware, Wilmington, Delaware. Following a trial verdict in favor of a class of limited partners for breach of contract and fiduciary duty against officers and directors in the estimated amount of $8.9 million, a settlement was entered into that provided approximately 93% of the amount of the verdict or $8.3 million. As part of the settlement, the Court awarded one-third of the settlement relief to class counsel for their attorney’s fee.
• Dixon et al. v. Security Life Insurance Co. of Denver, United States District Court for Colorado. Settlement recovery for the class of policyholders in excess of $26 million in connection with a claim involving cost of insurance overcharges. The settlement provided a return of all overcharges to the class.
• Speakman et al. v. Allmerica Financial Life Insurance and Annuity Company, United States District court for Massachusetts. Settlement recovery for a class of insurance agents that provided total relief of approximately $13 million in connection with claims involving termination of a commission program. The primary relief sought in the lawsuit and provided by the settlement was cancellation of promissory notes in favor of the company, which was part of the commission program.

Insurance Insolvency

• Executive Life Insurance Company, Superior Court of Los Angeles County, California. Represented the receiver in connection with claims against securities brokers and underwriters, officers, directors, and outside directors in connection with claims or securities fraud and/or breach of fiduciary duty. As a result of settlements, there were recoveries that exceeded $500 million. In connection with these settlements, as well as the other assets of the estate and additional recoveries of the receiver, policyholders have received 100% of their death benefits, and generally 100% of the principal of their pre-insolvency cash values.
• National County Mutual Fire Insurance Company, District Court of Travis County, Texas,. Represented the receiver in connection with claims against officers and directors for breach of fiduciary duty that resulted in a judgment exceeding $50 million, which was the estimated amount of the insolvency.