ELNY Beneficiary Blasts Receiver's Bid For Insolvency

Law360, New York (January 10, 2012, 1:40 PM EST) -- A move to liquidate the Executive Life Insurance Co. of New York, which has a $1.6 billion deficit, has reignited a long-dormant court case and prompted a challenge Tuesday by a policyholder who says beneficiaries could lose hundreds of millions of dollars altogether under the proposal.

Daniel J. Tucker, who like many other ELNY beneficiaries is supposed to receive lifetime payments for a serious personal injury, said in an objection filed by Kobre & Kim LLP attorneys that the request by ELNY's court-appointed receiver “seeks sweeping...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.