MassMutual agrees to settle suits for more than $130 million: the company wants to put...

MASSACHUSETTS MUTUAL LIFE Insurance Company says it has agreed to pay at least $130 million to settle a group of suits that attack its sales practices.

MassMutual has agreed to the settlement to put the litigation behind it and continues to deny all of the allegations in the suits, the company says.

A judge in the U.S. District Court in Newark, N.J., has given the agreement preliminary approval and scheduled a fairness hearing for Nov. 22.

The proposed settlement would end a group of cases consolidated under the caption Varacallo et al. vs. Massa