Great-West, London Life Ordered To Repay $445M

Law360, New York (October 4, 2010, 7:41 PM EDT) -- An Ontario judge has reportedly ordered two Canadian insurance companies to repay CA$455 million ($444.8 million) plus interest in a class action alleging they took the money from policyholders' accounts to fund a 1997 acquisition.

Judge Johanne Morissette of the Ontario Superior Court on Friday handed down the ruling against Great-West Life Assurance Co. and London Life Insurance Co., ordering the payout to nearly 2 million class members.

Great-West plans to appeal, the company said in a statement.

“Although the decision confirms in many respects the...
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