Thrivent Financial Reports Resolution of Class-Action

Thrivent Financial for Lutherans – the fraternal insurer formed in 2002 from the merger of Aid Association for Lutherans and Lutheran Brotherhood – announced an agreement to resolve class-action litigation first filed against Lutheran Brotherhood in 1999. The proposed resolution of the class-action lawsuit has been preliminarily approved by the United States District Court for the District of Minnesota.

“Resolution of this case includes findings that Thrivent Financial acted in the best interests of the membership,” said Woody Eno, senior vice president and general counsel. “Following complex and lengthy litigation, a recent mediation with a segment of the membership produced a proposal that we believe is fair. Today’s resolution, we believe, addresses the concerns of that segment while honoring the organization’s obligation to be good stewards of Thrivent Financial’s resources for every member.”

In its order granting preliminary approval of the agreement, the court stated that “Lutheran Brotherhood and Thrivent Financial have consistently met or exceeded all ethical standards in the sale, marketing and maintenance of their insurance products.”

The agreement creates a process for resolving individual policyholder claims. Class members will receive official notice of the proposed resolution in the first quarter of 2005. The notice will inform them of the agreement, set forth their options for relief, and provide a toll-free telephone number and mailing address for the class-action information center that will be established by Thrivent Financial to assist members with any questions.