Chancery Tosses Genworth Policyholders' New Fraud Claims
By Leslie A. Pappas (May 10, 2022, 7:39 PM EDT) -- Genworth Life Insurance Co. policyholders may not pursue amended claims that the corporate parent fraudulently shifted sale proceeds away from a subsidiary to avoid paying future damages in the policyholders' ongoing litigation, a Delaware vice chancellor ruled Tuesday.
In a 35-page opinion, Vice Chancellor Joseph R. Slights III dismissed three new counts in the policyholders' amended class complaint, which alleged that Genworth subsidiary Genworth Financial International Holdings LLC had sold its interests in valuable international mortgage subsidiaries to divert assets away from the policyholders.
The vice chancellor found that the amended allegations did not fit the definition of a claim under...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!