Appeals filed for dismissed lawsuits against three Canadian life insurers [Toronto Globe and Mail (Ontario, Canada)]
Manulife Financial Corporation (MFC)
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Source: Toronto Globe and Mail
Appeals filed for dismissed lawsuits against three Canadian life insurers A pivotal court ruling that dismissed three lawsuits against Canadian life insurers has been formally appealed, extending a battle between the companies and three investment funds over the fine print of decades-old contracts. In March, a Saskatchewan judge ruled in favour of Manulife Financial Corp., Industrial Alliance Insurance and Financial Services Inc. and Bank of Montreal by ruling against three investment funds that had sued the insurers. The funds argued they were allowed to invest unlimited amounts of money in accounts associated with life-insurance contracts that had been issued by the insurers, and that they were able to earn guaranteed returns over the lifetime of the policies. This week the funds appealed all three cases, arguing that the core argument made by Justice Brian Scherman of the Court of Queen’s Bench for Saskatchewan when dismissing the lawsuits is incorrect. Justice Scherman ruled that
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