California regulators have reached an $80 million settlement with Aurora National Life Assurance Co., just days before a civil trial over the purchase of Executive Life by French companies in 1991. In exchange for the payment and an admission that executives provided false information to the state, Aurora will be dropped as a defendant in the civil case. The deal was approved by Aurora's board Monday, according to the office of Insurance Commissioner John Garamendi.
February 16, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
California regulators have reached an $80 million settlement with Aurora National Life Assurance Co., just days before a civil trial over the purchase of Executive Life by French companies in 1991.
In exchange for the payment and an admission that executives provided false information to the state, Aurora will be dropped as a defendant in the civil case. Jury selection is scheduled to begin Thursday in the trial of Credit Lyonnais and several companies related to the French banking giant.
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