Mony Life Wins Ruling In Suit Over Benefit Accounts

Law360, New York (October 23, 2009, 5:53 PM EDT) -- A judge has handed a victory to Mony Life Insurance Co., rejecting a putative class action brought by a benefit recipient who accused the insurer of breach of contract for failing to pay high enough interest rates on policy benefits deposited in money market-type accounts.

Judge Laura Taylor Swain issued a ruling Wednesday in the U.S. District Court for the Southern District of New York granting summary judgment to the insurer and setting aside a motion for class certification filed by plaintiff Stephen Rabin.

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