Hancock John Financial Services Inc · 8-K · For 7/19/02

Filed On 7/19/02 4:24pm ET   ·   SEC File 1-15607   ·   Accession Number 1010521-2-230

Current Report   ·   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         John Hancock Financial Services, Inc.                  6     16K 

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                       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: July 19, 2002                                              
                        (Date of Earliest Event Reported)                                            

                      JOHN HANCOCK FINANCIAL SERVICES, INC.                                          
               (Exact name of registrant as specified in charter)                                    

                         Commission File Number: 1-15607                                             

                   DELAWARE                                                 04-3483032               
(State or other jurisdiction of incorporation                 (I.R.S. Employer Identification No.)   
               or organization)                                                                      

                               John Hancock Place                                                    
                           Boston, Massachusetts 02117                                               
                    (Address of principal executive offices)                                         

                                 (617) 572-6000                                                      
              (Registrant's telephone number, including area code)                                   

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Item 5.           Other Information.                                                                 

                  On July 19, 2002, John Hancock Financial Services, Inc., a                         
Delaware corporation, issued a press release, a copy of which is attached hereto                     
as Exhibit 99 and is incorporated herein by reference.                                               

Item 7.           Financial Statements and Exhibits.                                                 

         (c)      Exhibits                                                                           

                  Exhibit No.                                 Item                                   
                  -----------                                 ----                                   

                  99                                          Press Release of John Hancock Financial
                                                              Services, Inc., dated July 19, 2002.   

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                                   SIGNATURES                                                        

         Pursuant to the requirements of the Securities Exchange Act of 1934, as                     
amended, the Registrant has duly caused this Report to be signed on its behalf                       
by the undersigned hereunto duly authorized.                                                         

                                           JOHN HANCOCK FINANCIAL SERVICES, INC.                     

Date:  July 19, 2002                       By:  /s/Thomas E. Moloney                                 
                                                --------------------                                 
                                                Thomas E. Moloney                                    
                                                Chief Financial Officer                              

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                                                                      Exhibit 99
                                                                      ----------

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For Release:  Upon Receipt                                                      

John Hancock Settles "Modal Premium" Class Action Litigation

New Mexico State Court Gives Preliminary Approval To Agreement

Boston (July 19, 2002)-- John Hancock Financial Services, Inc., has settled a   
nationwide class action lawsuit involving policyholders who paid premiums on a  
monthly, quarterly or semi-annual basis, rather than annually. The lawsuit,     
known as a "Modal Premium" action, was filed in a New Mexico state court and is 
one of twenty-one such nationwide class actions brought against insurance       
companies.                                                                      

In "Modal Premium" cases, the plaintiffs have generally alleged that their      
insurance company did not adequately notify them of additional costs that may be
incurred if they pay their premiums on a periodic rather than annual basis.     

In John Hancock's case, the class action settlement affects approximately 1.5   
million customers who purchased various insurance products from the company and 
paid on a monthly, quarterly or semi-annual basis. If eligible under the        
agreement, these customers may receive a settlement death benefit of $800, $1100
or $1400, depending on their specific circumstances. According to company       
officials, the after-tax cost to provide this benefit along with related        
administrative and legal expenses is $19.5 million, a non-operating income item.

A toll-free number and website are being set up to handle any questions class   
members may have about the settlement. The toll-free number will be             
800-873-2354. The website's address will be www.mccall.jhancock.com. The number 
and website will become operational over the next several weeks as the          
court-approved notices are mailed to members of the class.                      

John Hancock Financial Services, Inc. (NYSE: JHF) and its affiliated companies  
provide a broad array of insurance and investment products and services to      
retail and institutional customers. As of March 31, 2002, John Hancock and its  
subsidiaries had total assets under management of $125.3 billion.               

-more-

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 -2-

Forward-looking Statements

The statements, analyses, and other information contained herein relating to    
trends in the company's operations and financial results, the markets for the   
company's products, the future development of the company's business, and the   
contingencies and uncertainties to which the company may be subject, as well as 
other statements including words such as "anticipate," "believe," "plan,"       
"estimate," "expect," "intend," "will," "should," "may," and other similar      
expressions, are "forward-looking statements" under the Private Securities      
Litigation Reform Act of 1995. Such statements are made based upon management's 
current expectations and beliefs concerning future events and their potential   
effects on the company.                                                         

Future events and their effects on the company may not be those anticipated by  
management. John Hancock's actual results may differ materially from the results
anticipated in these forward-looking statements. For a discussion of factors    
that could cause or contribute to such material differences, investors are      
directed to the risks and uncertainties discussed in our Form 10-K for the year 
ended December 31, 2001, and other documents filed by the company with the      
Securities and Exchange Commission. These risks and uncertainties include,      
without limitation, the following: changes in general economic conditions; the  
performance of financial markets and interest rates; customer responsiveness to 
existing and new products and distribution channels; competitive and business   
factors; new tax or other legislation; and government regulation.               

The company specifically disclaims any obligation to update or revise any       
forward looking information, whether as a result of new information, future     
developments or otherwise.                                                      

#        #        #   

Dates Referenced Herein   and   Documents Incorporated By Reference

				Referenced-On Page
This 8-K Filing		Date		First		Last			Other Filings
		12/31/01		6					10-K405
		3/31/02		5					10-Q
Filed On / Filed As Of / For The Period Ended		7/19/02		1		5
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