Mutual Benefits Execs, Others Told To Pay $464M

Law360, New York (May 11, 2009, 12:00 AM EDT) -- A judge has issued default judgments compelling several defendants to pony up more than $464 million in a protracted securities class action over allegedly fraudulent viatical life insurance contracts by Mutual Benefits Corp.

Judge Frederico A. Moreno of the U.S. District Court for the Southern District of Florida on Thursday ordered the payment of upwards of $464 million from more than a dozen defendants — including former MBC executives and related investment firms — into a settlement fund to cover claims to more than 29,000 investors...
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