Broker Says It Needn't Chip In For Life Insurance Fraud Deal

Law360, New York (August 28, 2013, 1:49 PM EDT) -- An insurance brokerage hit a Phoenix Cos. Inc. life insurer with a declaratory suit in California federal court Monday in a bid to avert demands that it contribute $1.2 million to a settlement the carrier reached with life insurance trusts in two underlying fraud suits.

RAF Insurance Services Inc. says that PHL Variable Insurance Co. has mischaracterized the terms of a substantial settlement PHL reached in two state-court lawsuits dubbed the Fenton actions in an illegal effort to claw back commissions it paid RAF for brokering...
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