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Manulife Financial Corp
Symbol MFC
Shares Issued 1,948,859,681
Close 2019-11-13 C$ 26.26
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Globe says TTC, Manulife settle fraud benefits case

2019-11-14 07:13 ET - In the News

The Globe and Mail reports in its Thursday edition that Manulife Financial has reached a deal with the Toronto Transit Commission to settle a case involving a multimillion-dollar benefits scam that involved more than 200 TTC employees. The Globe's Clare O'Hara writes that Manulife has "resolved" a lawsuit the TTC filed against it in 2016. The terms were not disclosed. The TTC began investigating in 2014 after a tip that Healthy Fit, a provider of health care products and services, was issuing fraudulent receipts to TTC employees. "Manulife and the TTC remain united in a commitment to fraud prevention, and collaborated on the investigation that brought Healthy Fit to justice," Manulife said. In 2015, the Toronto police criminally charged clinic proprietor Adam Smith with fraud. They alleged he provided TTC employees with invoices for falsified or inflated claims for customized medical devices such as orthotics and compression stockings. The employees then claimed these amounts on their Manulife Financial benefits program. Police also alleged that Healthy Fit and the employees who made improper claims shared the money paid out. Healthy Fit closed in 2015, and the TTC dismissed employees connected to the fraud.

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