-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Rn12AdIlaopCCbfNEWrim3EKv95VRF8cZRbiZ/mDX4l1OmhdyKqCs1grnaVSKt3x IJ+R1R3NgSNipxLVuz1Zuw== 0000931763-97-000299.txt : 19970314 0000931763-97-000299.hdr.sgml : 19970314 ACCESSION NUMBER: 0000931763-97-000299 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970313 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970313 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TORCHMARK CORP CENTRAL INDEX KEY: 0000320335 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 630780404 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08052 FILM NUMBER: 97556198 BUSINESS ADDRESS: STREET 1: 2001 3RD AVE S CITY: BIRMINGHAM STATE: AL ZIP: 35233 BUSINESS PHONE: 2053254200 FORMER COMPANY: FORMER CONFORMED NAME: TORCHMARK CORP SAVINGS & INVESTMENT PLAN DATE OF NAME CHANGE: 19820825 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY NATIONAL INSURANCE HOLDING CO DATE OF NAME CHANGE: 19820701 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 13, 1997 (March 3, 1997) TORCHMARK CORPORATION (Exact name of registrant as specified in its charter) Delaware 1-8052 63-0780404 (State or other jurisdiction (Commission File (I.R.S. Employer of incorporation) Number) Identification No.) 2001 Third Avenue South, Birmingham, Alabama 35233 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (205) 325-4200 None (Former name or former address, if changed since last report) Index of Exhibits page 2. Total number of pages in this report is 6. Item 5. Other Events. Torchmark Corporation issued press releases dated March 3, March 10, and March 11, 1997, which updated litigation disclosures and which are incorporated herein by reference and attached hereto as exhibits. Item 7. Financial Statement and Exhibits (a) Financial Statements of businesses acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Exhibits. Page ---- Torchmark Corporation Press Release 4 Dated March 3, 1997. Torchmark Corporation Press Release 5 Dated March 10, 1997. Torchmark Corporation Press Release 6 Dated March 11, 1997. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TORCHMARK CORPORATION Date: March 13, 1997 /s/ Michael J. Klyce -------------------------------- Michael J. Klyce Vice President and Treasurer EX-99.1 2 PRESS RELEASE DATED 3/3/97 U.S. SUPREME COURT DISMISSED ROBERTSON CASE --------- AGAINST LIBERTY NATIONAL Birmingham, Alabama, March 3, 1997.....Torchmark Corporation (NYSE: TMK) announced today that the United States Supreme Court has dismissed, as improvidently granted, the Writ of Certiorari which was previously granted in the case of Adams vs. Robertson and Liberty National Life Insurance Company. --------------------------------------------------------------- This ruling effectively ends the direct appeals from the Robertson class action --------- settlement originating from the Circuit Court of Barbour County, Alabama. Torchmark's subsidiary, Liberty National, will proceed with the administration of benefits under the class settlement. Torchmark General Counsel, Larry Hutchison, stated that he has mixed emotions in light of the Supreme Court decision today. On the one hand, the company is pleased to see this litigation finally reach a conclusion. Yet, at the same time, the company remains firmly convinced that Liberty National's actions in regard to its cancer insurance programs were proper. The new generation of policies provided greater overall benefits for the overwhelming majority of claimants. In other words, the company continues to maintain that it has simply done nothing wrong from the beginning. EX-99.2 3 PRESS RELEASE DATED 3/10/97 ALABAMA SUPREME COURT REVERSES AND REMANDS ALLEN CASE ----- AGAINST TORCHMARK SUBSIDIARY LIBERTY NATIONAL Birmingham, Alabama, March 10, 1997.....Torchmark Corporation (NYSE: TMK) announced today that the Alabama Supreme Court has reversed and remanded Allen ----- v. Liberty National Life Insurance Company to the Circuit Court of Jefferson - ------------------------------------------ County, Alabama after hearing an appeal of the remitted $2.7 million verdict against the Company's subsidiary, Liberty National. The Allen litigation, an ----- individual case, involved a Liberty National cancer policyholder eligible for Medicare who submitted claims during a period of approximately two months in 1993. Beginning in September 1993, in reliance on federal law concerning the amount health care providers could collect from Medicare eligible individuals, Liberty National limited the payment to Allen and all other cancer policyholders to the amounts collectible under federal law. In November 1993, Liberty National discontinued this practice and recalculated and repaid all claims, including Mr. Allen's, in full as it had prior to September 1993 together with interest. Allen filed his lawsuit in May 1994 and at trial the Jefferson County Alabama Circuit Court jury awarded him $40,000 in compensatory damages and $5.4 million in punitive damages. The Circuit Court judge subsequently remitted the punitive damage portion of the verdict to $2.7 million. The Alabama Supreme Court ruled that Allen did not present the necessary substantial evidence to support his fraud and bad faith claims in the Circuit Court trial and that the Circuit Court erred in failing to grant Liberty National's motion for a directed verdict. The Supreme Court returned the case to the Circuit Court for further proceedings consistent with its opinion. EX-99.3 4 PRESS RELEASE DATED 3/11/97 STRICKLAND JUDGMENT AGAINST TORCHMARK SUBSIDIARY ---------- LIBERTY NATIONAL REDUCED Birmingham, Alabama, March 11, 1997 . . . Torchmark Corporation (NYSE: TMK) announced today that the $5 million judgment previously entered against its subsidiary, Liberty National in Strickland vs. Liberty National Life Insurance ---------------------------------------------- Company, has been reduced to $37,500. In the Strickland case, the plaintiff - ------- ---------- cancelled several small life insurance policies and purchased a substantial amount of new coverage. He contended that certain supplemental benefits (such as accidental death and premium waiver) which were present in the smaller policies were not included in the new coverage. Prior to submitting the case to the jury, the Circuit Court ruled that Strickland was not entitled to recover compensatory damages. Nevertheless, the jury awarded $100 in nominal damages and $5 million in punitive damages to Strickland. The substantial reduction in the judgment followed a post-judgment hearing and was made pursuant to an order entered by Judge Edward B. McDermott of the Circuit Court of Mobile County, Alabama. # # # # # -----END PRIVACY-ENHANCED MESSAGE-----