NASCAR great Kyle Busch has reportedly reached a settlement in his lawsuit against Pacific Life Insurance.
Late last year, the two-time NASCAR Cup Series champion and his wife Samantha revealed that they had initiated legal proceedings against Pacific Life relating to what they called a 'devastating' financial scheme tied to an Indexed Universal Life (IUL) insurance policy.
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Buschs claimed losses of $8.58m
The Buschs alleged that Pacific Life promoted a series of complex IUL policies as 'tax-free retirement plans' that were misrepresented as safe, self-funding investment vehicles.
However, it was claimed that Pacific Life "used misleading illustrations, undisclosed costs, and false promises of guaranteed multipliers and controllable charges" to get the couple to stump up more than $10.4 million in premiums, which have resulted in Kyle and Samantha losing in excess of $8.58 million.
Now though we have a major update, with FOX NASCAR insider Bob Pockrass reporting late Thursday that a settlement in the case has been reached.
Writing on social media, Pockrass said: "According to a filing today, Kyle Busch and Pacific Life Insurance (and all parties) have agreed to a settlement in Busch's lawsuit. They are in the process of documenting and finalizing their settlement papers."
Busch, now 40 years old and still a fulltime NASCAR Cup Series driver for Richard Childress Racing, said when he filed the lawsuit: "I never thought something like this could happen to us.
"These policies were sold to us as part of a retirement plan - something safe and secure that would grow tax-free and protect our family long after racing.
"We trusted the people who sold them, and the name Pacific Life. But the reality is far different. What was pitched as retirement income turned out to be a financial trap."
