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...

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