Susman Godfrey To Get $101M in Landmark Settlement against AXA Equitable Life Insurance Co.

307
SHARE
Susman Godfrey To Get $101M

In a groundbreaking victory, Susman Godfrey LLP has been granted a staggering $101 million in attorney fees by a New York federal judge. This landmark decision comes on the heels of a monumental $307.5 million class action settlement that conclusively resolved allegations against AXA Equitable Life Insurance Co., accusing them of subjecting policyholders to unlawful and exorbitant “cost of insurance” hikes.

Susman Godfrey To Get $101M : The Court’s Ruling

Judge Jesse M. Furman issued a momentous ruling on Tuesday, declaring that Susman Godfrey is entitled to attorney fees amounting to $101.08 million. Additionally, the firm is to be reimbursed for their costs and expenses, totaling $4.1 million.

In a striking twist, Judge Furman’s order grants “Class counsel” the discretion to allocate and distribute these fees and expenses among other counsel involved in the case. This revelation adds a layer of intrigue to an already complex legal battle.

Silent Giants: Susman Godfrey and AXA Equitable

Neither Susman Godfrey nor representatives for AXA Equitable have responded immediately to requests for comments regarding this monumental decision. This silence adds an air of mystery to the proceedings, leaving readers eagerly awaiting further insights into this high-stakes legal showdown.

Susman Godfrey To Get $101M : The Roots of the Dispute

This remarkable settlement traces its origins back to a 2016 class action lawsuit, initiated by the non-profit Brach Family Foundation Inc., acting on behalf of nearly 1,700 policyholders who held flexible-premium, universal life policies issued between 2004 and 2007. The foundation’s initial complaint alleged that AXA Equitable Life Insurance Co. had unfairly targeted policyholders who sought to minimize premium payments and maintain low policy account values.