Illinois Bar Foundation awarded $421,000 in cy pres funds

The Illinois Bar Foundation will be receiving $421,486.52 in unclaimed funds from a nationwide class-action settlement involving a rate increase on life insurance policies. Miller v. Royal Maccabees Life Insurance Company, 97 CH 04324 (Cir. Ct. Cook Cty.) - Schad, Diamond & Shedden recovered $127.6 million including $93 million in cash and $34.6 million savings on future cost of insurance charges. The plaintiff policyholders filed a class action complaint in the Circuit Court of Cook County against an insurance company charging that the company breached its contract with policyholders, violated consumer fraud laws and breached its fiduciary duty to policyholders by illegally raising cost of insurance (COI) rates. The court appointed Schad, Diamond & Shedden class counsel in this action. The judge is Mary Ann Mason. There was a total of $3.9 million in remaining funds to be distributed, and 5 Illinois legal aid organizations were the recipients of half of that amount, with the rest designated for other states.