ELNY Liquidation Plan Gets Nod Over Beneficiaries' Protests

Law360, Los Angeles (April 16, 2012, 9:48 PM EDT) -- A New York state judge on Monday signed off on a plan to liquidate Executive Life Insurance Co. of New York, which is strapped with a $1.5 billion deficit, despite the objections of beneficiaries who claim they will lose hundreds of millions of dollars under the plan.

New York Supreme Court Judge John Galasso approved the plan proposed by state Financial Services Superintendent Benjamin M. Lawsky that will pay out $900 million in ELNY's estate and an additional $730 million in contributions allocated from life insurance...
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