| Kansas City, MO. On January 24, 2025, Kansas City Life (the “Company”) paid an amount of $48,523,128.38 in satisfaction of the judgment in the case Karr v. Kansas City Life, a class action filed in the 16th Circuit Court for the State of Missouri (Jackson County).
As previously disclosed, following a trial determining the damages, the jury rendered a verdict of $28.4 million in favor of the plaintiffs. The Company and the plaintiffs had previously filed an appeal to the Missouri Court of Appeals, Western District, and the Court of Appeals had issued a ruling finding in favor of plaintiffs on their claim for prejudgment interest. The Missouri Supreme Court declined the Company’s appeal to that body. The payment includes the damages amount, the prejudgment interest awarded by the Court of appeals, and post judgment interest. The Company does not believe the Jackson County Court’s ruling on this issue will have a material effect on the outcome of similar cases.
At this time, the Company cannot provide an estimate of the financial impact that this payment will have on its 2024 Consolidated Financial Statement.
Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas City, Missouri. The Company’s primary business is providing financial protection through the sale of life insurance and annuities. The Company operates in 49 states and the District of Columbia. please visit www.kclife.com. |
