STORY FROM: Reinsurance & Arbitration
N.Y. Federal Judge Consolidates Actions Involving Cost of Insurance Increase
June 13, 2019
NEW YORK — A New York federal judge has consolidated two actions in which the owners of life insurance policies accuse PHL Variable Life Insurance Co. (Phoenix) of imposing an excessive cost of insurance (COI) increase in 2017, noting that allegations in both cases are the same.
In a May 29 order, Judge Paul Crotty of the U.S. District Court for the Southern District of New York also appointed Susman Godfrey LLP as sole interim class counsel.
The two actions at issue, Fan and Kenney/Advance Trust, were brought by the owners of life insurance policies issued by Phoenix. Plaintiffs accuse ...