Fraud Class Action Against NY Life Still Standing

Law360, New York (February 26, 2009, 12:00 AM EST) -- A federal court has rejected a bid by New York Life Insurance and Annuity Corp. to dismiss a proposed class action alleging the insurance giant misrepresented the terms of its life insurance policies.

In an order handed down Thursday in the U.S. District Court for the Western District of Oklahoma, Judge Stephen P. Friot denied New York Life's motion to dismiss, ruling that the claims for fraud and misrepresentation, unjust enrichment and rescission brought by plaintiff Irving H. Blumenthal Jr. survive dismissal.

Blumenthal filed the suit...
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