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Text of Federal District Court Award of $12M for Unum's Fiduciary Breach in Setting 1% Rate of Return on Group Life Retained Asset Accounts (PDF)
U.S. District Court for the District of Maine Sept. 13, 2013
"[T]he risk profile of Unum's RAAs was somewhere between that of money market mutual funds, as very low-risk investments, and money market bank accounts, essentially no-risk savings products insured by the FDIC....Given that the RAA's risk profile fell between these two products, the Court concludes that an appropriate interest rate would be the average of the prevailing annual rate credited on money market mutual funds and the prevailing annual rate credited on money market bank accounts throughout the class period. To the extent this average rate exceeded the 1% credit rate offered by Unum during any given year, the difference would measure the damages to the Plaintiffs." [Merrimon et al. v. Unum Life Insurance Company of America, No. 2:10-cv-00447-NT (D. Maine Sept. 11, 2013)]
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