Sacramento Bee Highlights Mike Bidart’s Work in CalPERS Class Action
A trial date has been set in the ongoing class action lawsuit against CalPERS over rate increases. The lawsuit stems from a series of rate increases that CalPERS adopted for long-term care insurance beginning in 2013, peaking with an 85 percent rate hike in 2015. CalPERS says in its most recent appeal that it would raise rates on the plan by 124 percent if it loses the lawsuit.
Mr. Bidart contends that the structure of the rate increases breached the contracts signed by over 120,000 people when they bought the long term care policies beginning in 2003. Those agreements included assurances that rate hikes would be spread among those who bought long-term care insurance, and that people who bought inflation protection policies would not see their rates increase because of expanded benefits, according to court documents..
The Sacramento Bee ran a story on the trial date and the issues quoting Managing Partner Mike Bidart.
To read the story, click here.