New York Life Can't Take Buyout Row To Arbitration: Suit

Law360, New York (July 7, 2011, 8:50 PM EDT) -- A New York Life Insurance Co. unit was sued in state court Thursday by a holding company that has sought to keep a contract dispute over its $75 million buyout of the insurance giant's Korean subsidiary out of arbitration.

ACE INA International Holdings Ltd., which purchased Korea Life for $75 million, brought New York Life International LLC to court to keep the price adjustment dispute out of arbitration. ACE argues that the arbitration provision outlined in the transaction does not cover this particular dispute.

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