NY Life Says Breach Suit Over Policy Payment Flawed

Law360, New York (September 23, 2011, 7:54 PM EDT) -- The New York Life Insurance Co. on Friday moved to dismiss a proposed class action alleging breach of contract over the way it pays out policies, arguing that despite the named plaintiff's challenge to the method of payment, the insurer paid the policy in full.

Georgia resident Vaijanti M. Patel, a beneficiary to a New York Life insurance policy, claims the insurer breached its contract when it paid the proceeds via a method that had a lower interest rate and was not described in the original...
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