General American News and Timeline

May 2013

GAMHC escheated uncashed checks from all five distributions to the Unclaimed Property Division of the Missouri State Treasurer's office.  There are 36,326 aggregated accounts with a total of $4,506,664.07 - out of $1.523 billion distributed - that has been transferred as unclaimed property.  GAMHC members may now contact the State Treasurer at www.showmemoney.com to begin the process of claiming funds they believe they may be due from the escheatment. 

March 2013

Leland M. Shurin is appointed Special Deputy Liquidator by Order of the Supervising Court. 

November 2012

Albert A. Riederer resigns as Special Deputy Liquidator, due to declining health.

July 2012

GAMHC is on track to begin mailing the Court approved fifth distribution on July 13, 2012. It will take approximately two weeks to get all 302,359 checks in the mail. The distribution totals $68 million and will be the final distribution of assets to GAMHC's eligible members.

February 2012

The Dewey & LeBoeuf case has been resolved. GAMHC anticipates making a final distribution later this year, with discharge of the liquidator planned for November 2012.

June 2011

Discovery continues in the Dewey & LeBoeuf lawsuit.  The trial has been reset to begin on February 2, 2012. 

July 2010

The lawsuit against Dewey & LeBoeuf is proceeding through the discovery phase and is currently set for trial commencing on July 5, 2011.

November 2009

GAMHC begins mailing checks on Nov. 18 to 302,359 eligible members for a total distribution of nearly $75 million. The checks will be mailed at a rate of approximately 30,000 per day until Dec. 2, 2009.

October 2009

The GAMHC lawsuit against Dewey & LeBoeuf was moved by change of venue to Boone County, Mo. It is pending before Judge Kevin Crane.

September 2009

Judge Patricia S. Joyce signs an order authorizing GAMHC to make a fourth distribution in the approximate amount of $75 million. The checks will be mailed over a 10-day period beginning Nov. 18, 2009.

May 2009

GAMHC files a lawsuit in Cole County, Mo., against the law firm of Dewey & LeBoeuf LLC and former GAMHC CEO Richard Liddy.

February 2009

John M. Huff is confirmed as Director of the DIFP.

December 2008

GAMHC, through its tax attorneys and accountants recovered or saved in excess of $205,000,000 in both federal and state taxes to the benefit of the members to date.

November 2008

Judge Patricia S. Joyce signs an Order approving settlement of the case between GAMHC and the Goldman Sachs defendants. The case is settled in the amount of $100,005,000.

April 2008

A  Request for Prompt Assessment was filed with the Internal Revenue Service to alert the IRS that GAMHC wants all outstanding tax issues resolved. The request is accepted and a target date of November 2009 is set for resolving those issues.

March 2008

Federal corporate taxes for tax year 2007 are filed.

November 2007

Distribution 3, in the amount of $150,000,000, begins mailing and continues through the first two weeks of December.

October 2007

Judge Patricia S. Joyce signs an order authorizing a third distribution in the amount of approximately $150 million. Checks will be mailed on or about November 28, 2007.

June 2007

GAMHC and Metropolitan Life agree to settle the Article X Indemnification Claims, which had been presented to GAMHC in the amount of $124,000,000, for the sum of $39,000,000.

February 2007

GAMHC files a lawsuit in St. Louis City Circuit Court alleging that Goldman Sachs investment banking firm had conflicts of interest that damaged the value of the insurance holding company.  The court action seeks actual and punitive damages. The outcome of the case will affect the timing and the amount of the final distribution.

January 2007

Judge Patricia S. Joyce takes over as Supervising Judge for GAMHC's case in Cole County.

Douglas M. Ommen replaces W. Dale Finke as the Director of the Department of Insurance, Financial Institutions and Professional Registration, and as Statutory Liquidator of GAMHC.

December 2006

Judge Thomas J. Brown leaves the bench for private practice.

November 2006

Order is signed by Judge Thomas J. Brown acknowledging settlement of the case between GAMHC and the Morgan Stanley defendants.  The case is settled in the amount of $95,000,000.

July 2005

Final member objections are resolved and corresponding distribution checks mailed.

March 2005

GAMHC continued the initial distribution by mailing checks to eligible members whose addresses were located by GAMHC and whose objections were resolved.

A second distribution of $200 million was mailed to the eligible members in late March and early April.

February 2005

The SDL filed a report to the Court regarding GAMHC's operations.

January 2005

W. Dale Finke replaces Scott Lakin as the Director of the Department of Insurance and as the Liquidator of GAMHC.

October 2004

GAMHC continued the initial distribution by mailing checks to eligible members who were included in the August 2004 mailing.

August 2004

GAMHC re-mailed distribution notice packets to eligible members whose addresses were found through address research and the Distribution Call Center.

July 2004

GAMHC continued the initial distribution by mailing checks to eligible members whose objections were resolved by the special deputy liquidator’s (SDL) determination of claim letters.

June 2004

Missouri Department of Insurance Director Scott Lakin, as liquidator for GAMHC, has filed a lawsuit in St. Louis City Circuit Court alleging Morgan Stanley & Co. investment banking firm had conflicts of interest that damaged the value of the insurance holding company. The court action seeks $4 billion in actual and punitive damages. The final distribution of GAMHC's proceeds depends on the case's outcome.

March 2004

The SDL sent determination of claim letters to eligible members who objected.

February 2004

GAMHC continued the initial distribution by mailing checks to eligible members who received their notice packet in October 2003. The SDL filed an accounting to the court updating:

October 2003

GAMHC re-mailed notice packets to eligible members whose addresses were found through address research and the Distribution Call Center.

September 2003

GAMHC began the initial distribution of $1 billion dollars to its eligible members. GAMHC did not send checks to eligible members if:

GAMHC immediately began to look for updated addresses for the eligible members whose packets were returned.

July 2003

GAMHC's special deputy liquidator filed with the Cole County Circuit Court a report updating:

January 2002

The Department of Insurance filed a liquidation petition in Cole County Circuit Court. (PDF 43 Kb)

December 2000

U.S. judge accepts class-action settlement on General American sales practices

Dec. 19, 2000 - Eastern District U.S. Judge Catherine D. Perry accepted a class-action settlement agreement that obligates General American Life Insurance Co. to pay an estimated $55 million to compensate policyholders for deceptive sales practices.

The proceedings, involving life policies from 1982 to 1996, also will settle an MDI market conduct action against the insurer. Perry's order covers all persons in the class except 54 policyholders who opted out and may pursue individual litigation. The order follows a Dec. 15 fairness hearing and the Aug. 24 announcement of a tentative settlement between MDI and General American.

The lawsuit and the MDI action do not affect, in any way, the distribution of $1.2 billion in proceeds from the January 2000 sale of General American Life and its affiliates to MetLife.

Cole County judge accepts distribution plan for GAMHC sale proceeds
Dec. 6, 2000 - Cole County Circuit Judge Thomas J. Brown issued an order setting rules on how to distribute $1.2 billion in proceeds from the sale of General American Mutual Holding Co.'s (GAMHC) assets to MetLife.

As a mutual company, GAMHC was owned by its policyholders, and those rendered eligible by Brown's ruling will share in the distribution of the sales proceeds and interest income, probably in the year 2003.

Brown's order provides that:

The full text of Brown's order is available on this site as are the claim form and public notice.

After a mailing to all 330,000 policyholders potentially affected, Brown only received eight written challenges or comments to the special deputy rehabilitator's proposals. A few were represented by counsel at the Nov. 16 public hearing on the proposals before Brown.

If you have further questions, please call 866-586-4625.

September 2000

There will be a hearing on November 16, 2000, focusing on the receiver's plans for a formula to distribute the $1.2 billion in sales proceeds and subsequent interest income from the January sale of GAMHC to MetLife. Also included is the receiver's proposals to make policyholders as of Jan. 5, 2000, eligible for a share of the proceeds, and other eligibility criteria.

The department's recent motion before the court, the court order and the notice.

Eligible policyholder-owners DO NOT have to file a claim or take any other action to receive their share of the sales proceeds and interest income.

August 2000

News Release

General American tentatively agree on $55 million settlement, fine for marketing violations on life policies

January 2000

News Release

MetLife, General American finalize sale; MDI begins investment of $1.2 billion

Policyholders can also contact the DIFP Insurance Consumer Hotline at 800-726-7390.

Read the Stock Purchase Agreement by and between General American Mutual Holding Company and Metropolitan Life Insurance Company (dated 8/26/1999).
Read the Amendment to the Stock Purchase Agreement (dated 9/16/1999)

Read the full set of the MDI court filings.