Investment Firm Founder Wins $8M In AXA Life Insurance Suit

By Mike LaSusa (September 10, 2020, 11:06 PM EDT) -- A North Carolina federal jury awarded $8 million on Thursday to the founder of an investment firm who accused AXA Equitable Life Insurance Co. of wrongly refusing to reinstate his life insurance policy and reporting incorrect data to a clearinghouse for insurance information.

Malcolm Wiener, the founder of Millburn Corp. who later became a recognized historian and philanthropist, won $16 million for successfully litigating a negligence claim, although the jury cut the figure in half due to Wiener's "unreasonable failure to avoid or minimize his injuries."

Wiener sued AXA in North Carolina state court in January 2018, but AXA removed the...

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