I was awarded a settlement in a class action suit. Do I have to claim this money? It was awarded because of deceptive practices by an iinsurance company. I bought a policy a long time ago and was told it would generate an large return. An investment so to say. Anyways after overpaying for a couple years. I terminated the policy because I found insurance for half the price and had a better return. Anyways, I received a settlement, less then the amount I paid for the insurance. Do I have to claim this?