We are writing with a further litigation update on the potential after-effects of the California Supreme Court’s pivotal decision in McHugh v. Protective Life Insurance Company.1 That decision addressed the breadth of the...more
On August 30, 2021, the California Supreme Court held in McHugh v. Protective Life Insurance Company, 12 Cal. 5th 213, 243, 494 P.3d 24, 43 (2021), that California Insurance Code sections 10113.71 and 10113.72 — ...more
After years of pursuing life insurers with Cost of Insurance (COI) class actions, we are now seeing a new life insurance secondary market investor strategy — suing life insurers on a class action basis for not paying enough...more
Recycled structured settlement payment streams have been the subject of much concern and scrutiny the past few years. These recycled payment streams are structured settlement annuity payments that were sold to a factoring...more
Earlier this year, we reported on the New Jersey Assembly’s unanimous (78-0) vote approving Assembly Bill 1263, supplementing New Jersey’s Viatical Settlements Act, N.J.S.A. 17B-30B-1, et seq., and outlawing...more
The United States District Court for the Southern District of New York recently issued a decision denying class certification to sub-classes in a cost of insurance (“COI”) class action based upon the insurer’s defense that...more
As many of you may know, Cozen O’Connor was victorious last year in obtaining a ruling by the New Jersey Supreme Court in Sun Life Assurance Company v. Wells Fargo Bank, N.A., 238 N.J. 157 (2019) (Bergman) that...more
3/3/2020
/ Beneficiaries ,
Consumer Insurance Products ,
Insurable Interests ,
Insurance Litigation ,
Life Insurance ,
New Legislation ,
Public Policy ,
State and Local Government ,
Statutory Requirements ,
STOLI ,
Sun Life Assurance Company of Canada ,
Wells Fargo
On February 1, 2020, the New York Department of Financial Services’ Regulation 187 will go into effect for life insurance products. Although Regulation 187 went into effect with regard to annuity products on August 1, 2019,...more
Pension factoring continues to leave investors looking for remedies beyond filing suit against defunct pension factoring companies, as witnessed by a recent filing in Johnson County, Kan., titled Michele R. Lenderman v. Emil...more
The New Jersey Supreme Court recently condemned stranger-originated life insurance (“STOLI”) transactions as void ab initio human life wagers in a case that the life insurance and life settlement industries watched closely....more
In a case of first impression, the U.S. District Court for the District of Colorado this week upheld the enforceability of a two-year suicide exclusion provision contained in a policy approved under the Interstate Insurance...more
The latest attempt to hold casualty carriers and annuity issuers liable for allegedly failing to disclose deductions from the amounts used to purchase structured settlement annuities for plaintiffs’ benefit has been dismissed...more
RSL Funding LLC’s brazen attempt to obtain an improper advisory opinion expanding the rights it acquired in past transfer petition matters and those that may be acquired in hypothetical future transfers has been summarily...more