New York Life Escapes $27M Suit Over Ties To Madoff Fund

Law360, New York (September 27, 2013, 4:24 PM ET) -- A New York federal judge on Thursday threw out engine maker Cummins Inc.’s suit alleging New York Life Insurance Co. encouraged it to invest in a feeder fund for Bernie Madoff’s epic Ponzi scheme, leading to about $27 million in losses.

U.S. District Judge Thomas P. Griesa dismissed claims that New York Life made misleading statements in a 2007 offering memorandum soliciting Cummins to purchase life insurance policies. According to the suit, the insurer recommended that Cummins invest excess premiums with Tremont Capital Management Inc., a...
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