Court upholds Sun Life settlement

Article Abstract:

Sun Life Assurance Co. of Canada's C$65-million settlement of a class-action suit involving so-called vanishing premium policies was uphold by the Ontario Court of Appeal. The court ruling stopped efforts to overturn the settlement. But the settlement can be further delayed since the case may be appealed to the Supreme Court of Canada. According to Sun Life, it will take over a year to finish processing the accounts of all 400,000 customers involved. If there are no further appeals, Sun Life Executive Vice-President and General Counsel Gregory Gee said some customers could see their share of the benefits appear in policy statements by April 1999.

Comment:

Its C$65-mil settlement of class-action suit involving so-called vanishing premium policies is uphold by Ontario Court of Appeal

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Sun Life reaches settlement in class actions

Article Abstract:

Sun Life Assurance Co. of Canada has settled six vanishing premium class action lawsuits against the company. According to a spokesman, the settlement is valued at US$85-million and covers about 330,000 policies. The company's executive vice president and general counsel, Gregory Gee, has already prepared reserves to cover the settlement. Despite the settlement, the company has not admitted any wrongdoing in the sales of the US vanishing premium policies, which did not perform as expected by policyholders.

Comment:

Has settled six vanishing premium class action lawsuits against the company

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Tougher disclosure rules urged

Article Abstract:

The Canadian Securities Administrators proposes restrictions on access to information on publicly trade companies.

Corporations, Laws, regulations and rules, Canada. Canadian Securities Administrators

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