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Torchmark Corporation Settles Lawsuits
Torchmark Corporation (NYSE: TMK) announced today that it has finalized the settlement of outstanding litigation between the Torchmark companies and Waddell & Reed (Waddell), including actions in Alabama, California and Kansas. The settlement does not include one remaining case, a pending tax refund case Torchmark filed against Waddell. All the settled lawsuits will be dismissed with prejudice. Waddell previously announced that the settlement had been reached in principle, but had not been finalized at the time.
Torchmark Corporation is a holding company specializing in life and supplemental health insurance for "middle income" Americans marketed through multiple distribution channels including direct response, and exclusive and independent agencies. Subsidiary Globe Life And Accident is a nationally recognized direct-response provider of life insurance known for its administrative efficiencies. American Income Life is nationally recognized for providing individual life insurance to labor union members. Liberty National Life, one of the oldest traditional life insurers in the Southeast, is the largest life insurer in its home state of Alabama. United American has been a nationally recognized provider of Medicare supplement health insurance since 1966.
SOURCE: Torchmark Corporation
CONTACT: Joyce Lane, Vice President, Investor Relations of Torchmark
Web site: http://www.torchmarkcorp.com/
Company News On-Call: http://www.prnewswire.com/comp/885425.html
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