Phoenix Units Sued Over Life Insurance Transfers

Law360, New York (October 27, 2009, 7:37 PM EDT) -- Two Phoenix Cos. Inc. subsidiaries have been hit with a second lawsuit alleging the life insurance units misrepresented the terms of their policies, causing policyholders to have their insurance canceled if they tried to transfer the policy to a third party.

The lawsuit, filed Monday in California state court on behalf of life insurance trusts, claims that PHL Variable Insurance Co. and Phoenix Life Insurance Co., both units of Phoenix, target elderly individuals, encouraging them to buy multimillion-dollar life insurance policies and improperly representing that the...
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