Manulife agrees to settle vanishing premium suits

Article Abstract:

Manufacturers Life Insurance Co. (Manulife) of Toronto, Ontario, has agreed to a settlement worth $500 million to drop nine vanishing premium class-action suits against the company in the US. Manulife President and CEO Dominic D'Alessandro stressed that the settlement price is not anticipated to bring additional financial effect to the company because since 1994 Manulife has been taking reserves that are aimed to cover problem policies. Aside from the settlement, which is subject to court approval, Manulife will shoulder the plaintiffs' legal fees that have been set at C$36 million by a mediator.

Comment:

Agrees to a settlement worth $500 mil to drop 9 vanishing premium class-action suits against this co in the US

Life Insurance, Direct Life Insurance Carriers, Manufacturers Life Insurance Company (Philippines) Inc., Article

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Dundee moves for full bank status

Article Abstract:

Dundee Bancorp Inc. applies for bank charter. The first to make use of new banking legislation, the financial services firm has applied with the Office of Financial Institutions to be upgraded to what is called a schedule I bank.

Strategy & planning, Offices of Bank Holding Companies, Banking Regulation, Bank holding companies, Investment Holding Companies, Banking industry, Planning, Financial services industry, Financial services, Company Profile, Banking law, Financial institution charters, Dundee Bancorp Inc.

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New agency not seen as advocate

Article Abstract:

The head of Canada's Department of Finance, Frank Swedlove, warns that the proposed Financial Consumer Agency of Canada will not be an advocate for consumers.

Consumer Protection Laws, Management, Officials and employees, Laws, regulations and rules, Consumer protection, Canada. Finance Canada, Swedlove, Frank

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