NY Life Prevails In Policyholder's Fraud Action

Law360, New York (September 29, 2010, 6:05 PM EDT) -- New York Life Insurance and Annuity Corp. has won its bid to nix a putative class action alleging the insurance giant misrepresented the terms of its life insurance policies.

Judge Stephen P. Friot of the U.S. District Court for the Western District of Oklahoma granted the insurer's motion for summary judgment Monday, rejecting plaintiff Irving H. Blumenthal Jr.'s contention that he did not discover the true nature and operation of his universal life insurance policy until November 2006.

“The court concludes that no reasonable jury could...
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