UPDATE 2-Canadian court reserves judgment on disputed Manulife policies [Reuters (UK)]
Manulife Financial Corporation (MFC)
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Source: Reuters
UPDATE 2-Canadian court reserves judgment on disputed Manulife policies | Reuters 3 Min Read (Recasts, adds court decision to reserve judgment) By Matt Scuffham and Kathy Fitzpatrick TORONTO/SASKATOON, Feb 14 (Reuters) - A court in the Canadian province of Saskatchewan on Thursday reserved its decision on whether claims by a hedge fund against insurer Manulife Financial Corp should be dismissed following a change of rules in the province. Manulife has been fighting the case, brought by Mosten Investment LP two years ago, in which the hedge fund claimed the right to put unlimited funds into an old universal life insurance policy which is attached to a side account that pays out at least 4 percent a year on excess funds. The policies were sold more than two decades ago, when interest rates were at much higher levels than they are today. Manulife asked for the case to be dismissed after Saskatchewan said in October that it would limit the amount of money investors could put into the poli
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