MassMutual Gets Fraud Suit Over $216M Ponzi Scheme Pared

Law360, Los Angeles (June 21, 2012, 9:07 PM EDT) -- A California judge on Thursday pared down a lawsuit accusing Massachusetts Mutual Life Insurance Co., Polycomp Administrative Services Inc. and others of helping an alleged securities fraudster pull off a $216 million Ponzi scheme, saying civil theft and contract claims would have to go.

Los Angeles Superior Court Judge Elihu M. Berle granted motions by Massachusetts Mutual and Polycomp to throw out conversion and breach of covenant of good faith and fair dealing claims by more than 50 plaintiffs suing the companies over the purported scheme...
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