Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

Phl Variable Insurance Company v. Lucille E. Morello 2007 Irrevocable Trust, By and Through Its Trustee

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Submitted: November 16, 2010

Before SMITH, BEAM, and BENTON, Circuit Judges.

New Stream Insurance, LLC (“New Stream”) indirectly loaned an insured money to purchase a high-dollar life insurance policy from PHL Variable Insurance, Co. (“Phoenix”), a member of the Phoenix Companies, Inc. After the insured’s death, it came to light that the insured had fraudulently procured the policy, prompting Phoenix to deny the death benefit, sue the beneficiaries for rescission of the insurance contract, and retain all premiums paid. In response, New Stream intervened as a third-party plaintiff, seeking a declaratory judgment that Phoenix is not entitled to retain the premiums that New Stream loaned to the insured. Eventually, the beneficiaries settled with Phoenix, and the district court,*fn1 over New Stream’s objection, adopted the beneficiaries’ and Phoenix’s settlement agreement allowing Phoenix to retain the premiums. New Stream now appeals the district court’s judgment. We affirm.

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
General Counsel Conference Southwest 2024
September 18, 2024 - September 19, 2024
Dallas, TX

Join General Counsel and Senior Legal Leaders at the Premier Forum Designed For and by General Counsel from Fortune 1000 Companies


Learn More
Women, Influence & Power in Law US Awards 2024
September 24, 2024
Chicago, IL

Women, Influence & Power in Law Awards honors women lawyers who have made a remarkable difference in the legal profession.


Learn More
Women, Influence & Power in Law (WIPL) 2024
September 23, 2024 - September 25, 2024
Chicago, IL

WIPL is the original global forum facilitating women-to-women exchange on leadership and legal issues.


Learn More
Go to Events Go to Webcasts
Associate

A prominent AV-rated Education Law firm seeks an associate with 5+ years experience. The role will primarily involve advice and counsel in ...


Apply Now ›
Associate Attorney

Associate attorney position at NJ Immigration Law firm: Leschak & Associates, LLC, based in Freehold, NJ, is looking for a full time ass...


Apply Now ›
Plaintiff Personal Injury Attorney

Javerbaum Wurgaft, a large civil litigation firm with nine (9) offices, seeks: Plaintiff Personal Injury Attorney for Northern New Jersey of...


Apply Now ›
Go to Lawjobs