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March 17th, 2005

"Conseco settles ERISA class action"

Conseco Inc., a Carmel, Indiana based insurer, has agreed to pay $10 million to settle a class action lawsuit filed by employees alleging violations of the Employee Retirement Income Security Act (ERISA) for stock losses related to the company’s 2002 bankruptcy.

The suit, filed in October 2002, charges Conseco and some current and former officers with breaching their fiduciary duties under ERISA by allowing 401 (k) plan participants to continue investing their savings in company stock without divulging Conseco’s true financial status.

If the ERISA class action settlement is approved, the $10 million sum would be available to current and former employees who participated in the company’s 401 (k) pension plan and held stock in Conseco Services L.L.C., a Conseco subsidiary, any time after April 28, 1999.