Ontario court approves a $213.5 million settlement against Sun Life

Class-action settlement

213.5 $ million

The Ontario Superior Court of Justice approved the class-action settlement, which a law firm calls the largest reported in a life insurance dispute in Canada.

The action began in 2010 over the alleged improper administration of three universal life policies: Universal Plus, Flexiplus and OptiMet. Metropolitan Life Insurance agents sold them in Canada between 1987 and 1998.

And us?

About 70,000 eligible current and former Flexiplus and Universal Plus policyholders in Canada are covered, the law firm says.

Sun Life has denied any wrongdoing and did not immediately respond to a request for comment.