John Hancock and Hoosier Energy Settle Litigation

BOSTON, Dec. 23 /PRNewswire/ -- John Hancock Life Insurance Company and Hoosier Energy Rural Electric Cooperative today said they were pleased that the United States District Court, Southern District of Indiana, has approved a settlement of litigation involving a leaseback transaction between the parties.  All parties to the litigation are covered by such settlement.

Terms of the settlement are confidential.

"We are pleased to reach this agreement that meets the needs of both parties and appreciate the court's support in the mediation efforts," said Chris Tryba, Hoosier Energy's Communications Manager. "This is an equitable agreement, and our focus now is on moving forward to further strengthen our cooperative and continuing to meet the power supply needs of members."

"We welcome the conclusion to these negotiations. The court's mediation efforts enabled both parties to achieve an equitable and mutually satisfactory resolution," said Jonathan Chiel, General Counsel for John Hancock. "We are now able to move forward with a resolution that is fair to both sides and protects the interests of our company and its policyholders."

In 2002, Hoosier Energy leased a portion of its Merom power plant to John Hancock, which then leased it back to the cooperative, providing financial benefits to both parties.

About Hoosier Energy Rural Electric Cooperative

Hoosier Energy is a Bloomington, Indiana based cooperative that operates coal, natural gas and renewable energy power plants and delivers electricity through a 1,500-mile transmission network to eighteen member distribution cooperatives that serve 300,000 consumers in central and southern Indiana and southeastern Illinois.

About John Hancock Financial and Manulife Financial Corporation

John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the United States, Manulife Financial Corporation offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners.

SOURCE John Hancock Life Insurance Company