CARMEL -- Conseco has shelled out $203 million to litigate and now tentatively settle a class-action lawsuit brought by holders of its life insurance policies. Those expenses were totaled up in a securities filing made Tuesday by Conseco, an insurance holding company.
 
The costs date to 2004 when Conseco was sued by scores of holders of its "Lifestyle" and "Lifetime" insurance policies after it boosted monthly charges by changing how it calculated the cost of insurance. The change affected about 86,500 policies, which were sold by other companies before Conseco acquired them.
The lawsuit claims the change was not properly disclosed in advance and added $360 million to Conseco's bottom line. Carmel-based Conseco announced the tentative settlement last week.(Star report)

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