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Home » RV Industry News » N.Y. judge dismisses Madoff-related suit against New York Life

N.Y. judge dismisses Madoff-related suit against New York Life

(Oct. 10, 2013) -- IFAwebnews.com reports that a federal district court judge in New York has dismissed a lawsuit brought against New York Life Insurance Co. by Cummins Inc. for losses sustained through a number of variable universal life insurance policies.

NEW YORK, N.Y. — IFAwebnews.com reports that a federal district court judge in New York has dismissed a lawsuit brought against New York Life Insurance Co. by Cummins Inc. for losses sustained through a number of variable universal life insurance policies.

An estimated $27 million in investments were lost as a result of exposure to Bernard “Bernie” Madoff’s Ponzi scheme, writes IFAwebnews.com.

IFAwebnews.com says the judge dismissed all claims, including that New York Life acted in bad faith and that the insurer had an obligation to provide the most up-to-date information about Tremont Capital Management Inc.’s planned investment activities and to actively manage Cummins’ accounts.

For the complete story from IFAwebnews.com, click here.

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