Ontario court backs Sun Life deal
Article Abstract:
Sun Life Assurance Company of Canada's proposed C$65 million class-action settlement on vanishing premium policies receives approval from an Ontario Court judge. The settlement will enable Toronto, Ontario-based Sun Life to offer compensation for approximately 400,000 of its customers who acquired vanishing premium policies between 1980 and 1995. Ontario Court's General Division Justice Robert Sharpe said in a written decision that the Sun Life proposal was fair, reasonable and in the best interests of eligible policy holders. Meanwhile, the settlement does not include a cash payout to policy holders, but they can take a higher dividend on their policies, enter an alternative claims resolution process, or opt out and pursue their own settlement.
Comment:
Its proposed C$65 mil class-action settlement on vanishing premium policies receives approval from an Ontario Court judge
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Sun Life ordered to pay penalty in fraud case
Article Abstract:
Sun Life Assurance has been ordered by Justice Maurice Cullity to pay penalty after discovering that the company's vice president of investments, Robert Sharkey, had given an untruthful testimony in a case involving mortgage prepayments. Cullity reversed the decision he issued in 1995 that levies cost against Toronto landlord Joel Vale who lost the case against Sun Life as well as appeals in Ontario and the Supreme Court in Canada. Vale said the cost assessed to Sun Life by Cullity amount to C$196,000 and noted that he will seek another retrial of the case grounds of fraud and ask that Sun Life pay the costs of the earlier appeals amounting to about C$250,000.
Comment:
Is ordered to pay fine after VP of investments Robert Sharkey is discovered as giving false evidence in mortgage prepayment case
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Court rules against Great-West
Article Abstract:
Great-West Lifeco Inc. of Winnipeg in Manitoba, Canada, is required to shoulder the share payment option of London Insurance Group Inc. stockholder Mark Shoom, based on a ruling by Ontario Court Justice Sidney Lederman of the General Division. His decision, which was founded on section 206 of the Canada Business Corporations Act, will allow Shoom to collect over C$1 million based on C$43.40 in shares in Great-West Lifeco as of February 27, 1998. Shoom would have gotten less for his shares if Great-West Lifeco had its way after it acquired London Insurance for C$2.9 billion in 1997.
Comment:
Is required to shoulder the share payment option of London Insurance Group Inc. stockholder Mark Shoom
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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