Founded in 1871, Genworth Financial Inc (GNW) is a leading financial security company that focuses on helping people manage the financial challenges of aging. It is headquartered in Richmond, Virginia, and has operations in more than 25 countries worldwide.
Genworth Financial primarily operates through three segments: U.S. Life Insurance, U.S. Mortgage Insurance, and Canada Mortgage Insurance. The U.S. Life Insurance segment offers long-term care insurance products, life insurance, and fixed annuities on a single premium and flexible premium basis. The U.S. Mortgage Insurance segment provides credit-based insurance coverage on loans that lenders originate, specifically, mortgage insurance in the U.S. Lastly, the Canada Mortgage Insurance segment offers mortgage insurance products to banks and other mortgage lenders in Canada.
Over the years, Genworth Financial has earned a strong reputation for its commitment to the elder community. It delivers practical solutions for safeguarding its customers’ financial lives and preparing them for a more secure future, offering them financial safety and helping them achieve home ownership. Notably, it understands the importance of ensuring a dignified life in old age and hence strives to aid customers in planning for retirement, paying for long-term care, and providing for loved ones after death.
Furthermore, Genworth Financial undertakes various socially responsible activities, realizing that corporate social responsibility plays a crucial role in strengthening ties with local communities. It demonstrates its commitment to the society by investing in community development, advocating for financial literacy, maintaining responsible business practices, and promoting environmental sustainability.
In the recent past, Genworth Financial underwent a significant shift in ownership. In December 2020, the company announced the termination of a previously announced merger agreement with China Oceanwide Holdings Group Co., Ltd, due to regulatory hurdles and the financial impact of the COVID-19 pandemic. Instead, they decided to focus on executing their strategic plan as an independent company.
Despite challenges, Genworth Financial Inc continues its work and works diligently to meet the needs of its customers. Its rich history and commitment to its core principles have shaped it into a dependable financial services company, renowned for its steadfastness in the face of change. Today, Genworth Financial stands as a powerful symbol of resilience, steadfastness, and reliability in the ever-volatile financial sector.
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Nationwide Mutual Insurance Co. has requested an Ohio federal judge to revoke class certification for plaintiffs in a 401(k) plan lawsuit, citing a recent 4th Circuit Court of Appeals ruling (Trauernicht v. Genworth Financial Inc.) that found claims involving individualized monetary losses cannot be pursued as a mandatory class action. If this ruling is applied to the Nationwide complaint, it could effectively thwart the case, which accuses the company of overcharging employees for a company-backed retirement fund. The lawsuit alleges that Nationwide's 401(k) plan improperly included an affiliated stable value fund offering less favorable terms to employees than external investors.
The Fourth Circuit Court of Appeals has declined to re-examine its decision to block Genworth Financial Inc. employees from a challenging BlackRock Inc. funds in their 401(k) plan as a certified class. The workers had sought a rehearing after the court's March decision undid the certification of a mandatory class for alleged poorly performing target-date funds.
Genworth, an insurance company, has asked the Fourth Circuit Court of Appeals to uphold a panel's decision to decertify a class of over 4,000 401(k) plan participants. These participants had claimed they lost millions due to underperforming BlackRock Inc. target date funds. The company's request opposes a bid by two former employees for an en banc review of the decertification.
Genworth Financial Inc. has defended its decision to block employees from filing class-wide claims regarding their 401(k) investment options. The company argued to the Fourth Circuit that it correctly analyzed the "case-specific" facts, dismissing employees' "apocalyptic predictions" about the future of 401(k) class litigation. Genworth asserts that the appeals court properly determined the legal theory was unsuitable for a class-wide resolution because some proposed class members benefited from the investments being challenged.
Genworth Financial Inc. is defending its decision to prevent employees from bringing class-wide claims regarding their 401(k) investment options. The company argued to the Fourth Circuit that its ruling correctly analyzed the specific facts of the case, rejecting employee predictions about the demise of 401(k) class litigation. Genworth asserts that the legal theory was unsuitable for class-wide resolution because some proposed class members benefited from the investments being challenged.
The US Court of Appeals for the Fourth Circuit has requested Genworth Financial Inc. to respond to a petition from former workers. The workers are seeking to reverse an appeals court decision that blocked them from challenging their 401(k) plan's BlackRock Inc. target-date funds as a certified class. The court's request indicates it is considering reconsidering its March decision which rejected the certification of a mandatory class of employees.