Attorney Eric Biderman Talks with The Deal About Life Insurance Case
New York attorney Eric Biderman was recently mentioned in an article by The Deal that discusses a case in which the United States District Court for the Eastern District of Tennessee deemed a $2 million policy void because it lacked insurable interest.
Conestoga Trust Services, LLC, the sixth owner of the policy, was sued by Sun Life Assurance Co. of Canada to have the policy declared void for lack of insurable after the insured passed away and Conestoga tried to collect the policy’s death benefit. The Tennessee court declared the policy void, but ruled that Sun Life return to Conestoga the premiums that Conestoga paid on the policy after acquiring it.
In regards to the decision, Mr. Biderman commented that the outcome was “wholly inadequate from an investor's perspective” because the court failed to consider what Conestoga paid when it innocently bought the policy. Mr. Biderman also stated that "we've now reached a point where it's been established that investors don't have to fight to get back premiums they've paid” and that “they [the investors] should try and get as much as possible back.”
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