Courtesy of Benzinga.
Imperial Holdings, Inc. (NYSE: IFT) (with its subsidiaries, “Imperial”) announced today that its subsidiary has filed a complaint in the U.S. District Court of the Southern District of Florida against Sun Life Assurance Company of Canada (“Sun Life”) accusing Sun Life of implementing a scheme to receive millions of dollars in premium payments on certain life insurance policies, including policies owned by Imperial, that Sun Life intended to renounce.
In the Complaint, Imperial sued Sun Life for breach of contract, breach of the covenant of good faith and fair dealing, and fraud, and seeks a judgment declaring that the policies are valid and that Sun Life is obligated to comply with all of the provisions contained in the policies. Imperial is also seeking compensatory damages of at least $30 million and punitive damages. The aggregate amount of the death benefits of the policies in question is $140 million.
A copy of the complaint is available by e-mailing ir@imperial.com.
About Imperial Holdings, Inc.
Imperial is a leading specialty finance company that, through its operating subsidiaries, provides customized liquidity solutions to owners of illiquid financial assets. Imperial’s primary operating units are Life Finance and Structured Settlements. In its Life Finance unit, Imperial purchases and sells life insurance policies. In its Structured Settlements unit, Imperial purchases from individuals long-term annuity payments issued by highly rated U.S. insurance companies. More information about Imperial can be found at www.imperial.com.
