Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2023
MOVEit data breach
A vulnerability in MOVEit Transfer software used by PBI Research Services, a third-party vendor, allowed an extortion group to access personal data associated with an estimated 2.5 to 2.7 million Genworth customers. The exposed information reportedly included names, dates of birth, and Social Security numbers.
2022
Class action over life-insurance premium increases
Genworth paid $25 million to settle claims that premium increases of 40% to 140% on certain life-insurance policies were excessive and unlawful.
2020
Genworth and AXA reach settlement over PPI mis-selling losses
Settlement
Genworth Financial said it reached a settlement agreement with AXA over liability for payment protection insurance mis-selling losses. Genworth agreed to pay AXA £100 million by July 23, 2020, in addition to an interim payment, and to issue a secured promissory note for deferred payments totaling about £317 million. The settlement followed a High Court ruling that Genworth was obligated to pay AXA for its losses under the sale and purchase agreement.
Source excerpt
Genworth has agreed to pay AXA £100 million, or approximately $125 million, by July 23, 2020.
Genworth Financial Inc. (GNW) Monday said it has reached a settlement agreement with AXA to settle the dispute between them relating to liability for payment protection insurance mis-selling losses.
The court ruled that Genworth was obligated to pay AXA for its losses, per the terms of the sale and purchase agreement.
2016
Shareholder litigation over long-term care reserves
Shareholders alleged that Genworth and its management had made misleading statements about the adequacy of reserves for long-term care claims. The company later recorded a $531 million charge to strengthen the long-term care business and agreed to a $219 million settlement.