CLIENTS ALLEGE THAT THEY BELIEVED THEY WERE PURCHASING SINGLE PREMIUM PAID UP LIFE INSURANCE POLICIES IN JAN. OF 2000. THEY ALSO CLAIM THAT THEY SUBSEQUENTLY LEARNED THAT THEY HAD PURCHASED VUL POLICIES THAT THEY FELT WERE UNSUITABLE. IN JAN. 2006 THEY WERE ADVISED THAT ADDITIONAL PREMIUMS WERE NECESSARY TO AVOID LAPSING OF POLICES. THE POLICIES WERE NOT SOLD BY MR. SAWYER, BUT RATHER WERE SOLD BY TWO FORMER REPS WHOM HE DID NOT SUPERVISE.

$47,144.00

$34,991.00

IN EXCHANGE FOR A RELEASE OF ALL CLAIMS AND WITHOUT ADMITTING WRONGDOING OR LIABILITY, THE FIRM AND OTHER DEFENDANTS SETTLED THIS MATTER WITH THE CLIENTS IN THE AMOUNT OF $34,991. MR. SAWYER WAS DISMISSED FROM THIS MATTER BY THE PLAINTIFFS AS PART OF THE SETTLEMENT AGREEMENT AND WAS NOT REQUIRED TO CONTRIBUTE TOWARD THE SETTLEMENT AMOUNT.