New York's highest court has expanded the state's consumer-protection law and revived class-action lawsuits against MONY Group Inc. and Guardian Life Insurance Company of America. At issue is whether the companies committed fraud when they sold vanishing premium policies in the late 1980s.
In a split ruling issued Dec. 20 addressing both lawsuits, the New York Court of Appeals upheld lower court rulings that the companies' defense is enough to "absolve" them of fraud in the sense that they purposely misrepresented facts about the policies. The court ruled, however, that policyholders could raise a "question of fact" over whether the companies' practices were …
No comments:
Post a Comment