New York Life Seeks Dismissal From Madoff Suit

Law360 (June 9, 2009, 12:00 AM EDT) -- New York Life Insurance Co. has asked to be dismissed from a suit filed by a former Wachovia Corp. executive who lost money after buying a $6.4 million policy from the insurer that was subsequently invested in funds that invested with convicted Ponzi schemer Bernard Madoff.

In a memorandum accompanying its motion filed Monday in the U.S. District Court for the Southern District of New York, the insurer and affiliate New York Life Insurance and Annuity Corp., said the plaintiff, F. Daniel Prickett, failed to support claims of negligence or misrepresentation by the insurer.

The insurer alleged that Prickett, "an experienced...

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