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iA Financial Corp Inc
Symbol IAG
Shares Issued 106,944,397
Close 2019-04-18 C$ 54.01
Market Cap C$ 5,776,066,882
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Globe says BMO, others see dismissed suits appealed

2019-04-18 09:20 ET - In the News

See In the News (C-MFC) Manulife Financial Corp

The Globe and Mail reports in its Thursday edition that a pivotal court ruling that dismissed three lawsuits against Canadian life insurers has been formally appealed. The Globe's Tim Kiladze writes that in March, a Saskatchewan judge ruled in favour of Manulife Financial, Industrial Alliance Insurance and Financial Services, and Bank of Montreal by ruling against three investment funds that had sued the insurers. This week, the funds appealed all three cases, arguing that the core argument made by Justice Brian Scherman when dismissing the lawsuits is incorrect. He ruled that the contracts were designed to be used for insurance purposes only. In its appeal of the ruling that related to Manulife, Mosten Investment argued the judge "erred in law in his interpretation of the contract." On Wednesday, Manulife said in a statement that it intends to "vigorously contest Mosten's appeal." The life insurers have 15 days to respond to the appeals that have been filed in Saskatchewan. When dismissing the lawsuits, Justice Scherman said, "It is my opinion that no insured [person] should reasonably conclude that the interpretation proposed by Mosten is consistent with the general economic purpose of life insurance."

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