A lawsuit brought by Lincoln Life &
Annuity Company of New York (LLA) against the owner of a $5m life
policy bought under a life settlement contract has ended in defeat
for the insurer, a unit of Lincoln Financial.
LLA’s lawsuit was based on its allegations that
the insurance policy lacked an insurable interest because it was
procured by third-parties for investment purposes.
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The policy owner defended the legitimacy of the
policy, and also contended that LLA’s post-litigation conduct –
which included the acceptance of over $100,000 in additional
premium payments which LLA sought to retain in its lawsuit – barred
LLA’s claims.
The court agreed, and dismissed LLA’s suit
after granting the policy owner’s legal representative Susman
Godfrey’s motion for summary judgment against the insurer.
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