Policyholders In Insurance Scandal Seek Pay From UK

Law360, New York (April 15, 2009, 12:00 AM EDT) -- A group representing policyholders of Equitable Life Assurance Society, the oldest mutual life assurance company in the U.K., is taking legal action against the government over its failure to pay the policyholders after the insurer almost collapsed in a financial scandal that some blame on the government's poor regulation.

The Equitable Members Action Group, which represents 21,000 Equitable policyholders, is seeking judicial review by England's High Court of Justice of the Treasury’s refusal to pay compensation as recommended in a 2008 report by the parliamentary ombudsman,...
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