Chancery Axes $395M Of Tardy Claims In Genworth Fraud Suit

Law360 (February 3, 2020, 4:57 PM EST) -- A Delaware vice chancellor has tossed claims related to an alleged plan by Genworth Financial Inc. to fraudulently divert $395 million from its long-term care policies as the business was slowly sinking between 2012 and 2014, saying the claims were filed too late.

However, in the 38-page opinion Friday, Vice Chancellor Joseph R. Slights III also ruled that the group of policyholders and insurance agents that brought the suit have standing to bring claims against Genworth and its affiliates, including Genworth Life Insurance Co.

"I am satisfied our general assembly intended to provide a right of action to those who are...

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