UnumProvident Receives Jury Verdict in Class Action Related to Brokers of Paul Revere Subsidiaries

Apr 17, 2001, 01:00 ET from UnumProvident Corporation

    CHATTANOOGA, Tenn., April 17 /PRNewswire/ -- UnumProvident Corporation
 (NYSE:   UNM) announced that a jury in the Superior Court in Worcester,
 Massachusetts, returned a verdict on Friday, April 13, 2001 in favor of
 UnumProvident's subsidiaries in a class action brought by two independent
 brokers on behalf of a class of more than 33,000 brokers.
     In 1997, following the acquisition of The Paul Revere Life Insurance
 Company and its subsidiaries by Provident Companies, Inc., which is a
 predecessor to UnumProvident, a series of lawsuits were filed by sales
 managers as well as by representatives of independent brokers and career
 agents of the Paul Revere companies claiming, among other things, breach of
 their contracts by Paul Revere.
     The lawsuit brought on behalf of the independent brokers was certified by
 the court as a class action.  It claimed that Paul Revere breached its
 contracts with the brokers who sold individual disability income policies when
 it changed the commission schedule on premium received on the exercise of
 certain benefit riders after 1994.  The representatives also claimed Paul
 Revere violated the Massachusetts Consumer Protection Act as part of the
 actions it took on commission changes and that the brokers were entitled to
 treble damages and attorneys fees under that Act.
     Glenn Felton, Vice President and Assistant General Counsel, stated, "The
 Company has consistently disputed the claims made on behalf of the brokers
 throughout the four years the lawsuit has lasted.  We think the jury reached
 the correct decision that there was no breach of contract.  Hopefully this
 verdict will end this litigation that was undertaken by class representatives
 of these brokers."
 
     About UnumProvident Corporation
     The subsidiaries of UnumProvident Corporation offer a comprehensive,
 integrated portfolio of products and services backed by industry-leading
 return-to-work resources and disability expertise.  UnumProvident Corporation
 is the world leader in protecting income and lifestyles through its
 comprehensive offering of group, individual, and voluntary benefits products
 and services.  UnumProvident has operations in the United States, Canada, the
 U.K., Japan, and elsewhere around the world.
 
 

SOURCE UnumProvident Corporation
    CHATTANOOGA, Tenn., April 17 /PRNewswire/ -- UnumProvident Corporation
 (NYSE:   UNM) announced that a jury in the Superior Court in Worcester,
 Massachusetts, returned a verdict on Friday, April 13, 2001 in favor of
 UnumProvident's subsidiaries in a class action brought by two independent
 brokers on behalf of a class of more than 33,000 brokers.
     In 1997, following the acquisition of The Paul Revere Life Insurance
 Company and its subsidiaries by Provident Companies, Inc., which is a
 predecessor to UnumProvident, a series of lawsuits were filed by sales
 managers as well as by representatives of independent brokers and career
 agents of the Paul Revere companies claiming, among other things, breach of
 their contracts by Paul Revere.
     The lawsuit brought on behalf of the independent brokers was certified by
 the court as a class action.  It claimed that Paul Revere breached its
 contracts with the brokers who sold individual disability income policies when
 it changed the commission schedule on premium received on the exercise of
 certain benefit riders after 1994.  The representatives also claimed Paul
 Revere violated the Massachusetts Consumer Protection Act as part of the
 actions it took on commission changes and that the brokers were entitled to
 treble damages and attorneys fees under that Act.
     Glenn Felton, Vice President and Assistant General Counsel, stated, "The
 Company has consistently disputed the claims made on behalf of the brokers
 throughout the four years the lawsuit has lasted.  We think the jury reached
 the correct decision that there was no breach of contract.  Hopefully this
 verdict will end this litigation that was undertaken by class representatives
 of these brokers."
 
     About UnumProvident Corporation
     The subsidiaries of UnumProvident Corporation offer a comprehensive,
 integrated portfolio of products and services backed by industry-leading
 return-to-work resources and disability expertise.  UnumProvident Corporation
 is the world leader in protecting income and lifestyles through its
 comprehensive offering of group, individual, and voluntary benefits products
 and services.  UnumProvident has operations in the United States, Canada, the
 U.K., Japan, and elsewhere around the world.
 
 SOURCE  UnumProvident Corporation