New York Life Sued Over Alleged Madoff Losses

Law360, New York (December 14, 2010, 3:13 PM EST) -- New York Life Insurance Co. recklessly dumped money from life insurance policies into Bernard L. Madoff's ill-fated Ponzi scheme, engine maker Cummins Inc. alleges in a lawsuit over its $122 million in policies.

The life insurer was “egregiously reckless” in using a hedge fund, Tremont Capital Management Inc., that put about a quarter of its assets into Madoff's care, Cummins said in a complaint filed Friday in the U.S. District Court for the Southern District of New York.

Cummins, which also named Tremont and parent company...
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