1st Circ. Stands By Award Of Premium For Sham Policy

Law360, New York (June 14, 2013, 7:12 PM EDT) -- The First Circuit on Friday refused to reconsider its published ruling allowing a Phoenix Cos. Inc. life insurer to keep the premium for a $5 million policy it rescinded after learning the policyholder was not the wealthy real estate investor he claimed to be.

A trust named as Peter Bowie's beneficiary on the policy was unable to win a rehearing by the panel or the entire First Circuit with its argument that the May 13 decision conflicted with precedents set by the U.S. Supreme Court and...
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