Imperial Files Lawsuit Against Sun Life Assurance
Imperial Files Lawsuit Against Sun Life Assurance
Alleges Fraudulent Scheme to Deny Death Benefits to Policyholders
BOCA RATON, Fla.--(BUSINESS WIRE)-- Imperial Holdings, Inc. (NYS: 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.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Imperial Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, and involve known and unknown risks and uncertainties. Although Imperial believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Imperial does not assume a duty to update these forward-looking statements.
Imperial Holdings, Inc.
David Sasso, 561-672-6114
Director-Investor Relations
IR@imperial.com
www.imperial.com
KEYWORDS: United States North America Canada Florida
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