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A life insurer and monetary advisors are rejecting the argument that they owed a fiduciary obligation to 2 cash-value life insurance coverage coverage patrons in New York state.
The coverage homeowners, Andrew Mukamal, a stylist, and Leona Walton, a mannequin who makes use of the stage title Binx, sued Guardian Life, John Hancock, two advisors and the advisors’ companies over coverage purchases in a state court docket in New York Metropolis in November 2023. Mukamal and Walton argued that the insurance policies had been unsuitable.
Guardian asserts in a memorandum that it had no particular relationship with Mukamal or Walton and that Mukamal and Walton ought to have canceled the insurance policies earlier if the insurance policies had been unsuitable.
Attorneys for the advisors, John Kenyon Lang and Michael Blackwell, and the advisors’ companies make related arguments in a separate pleading.
Representatives for Guardian, John Hancock, Mukamal and Walton declined to remark. Attorneys for the advisors and the advisors’ companies didn’t reply to a request for remark.
The insurance policies: Walton was single, childless and 23 in 2020. Mukamal, her buddy, was single, childless and 33.
Walton purchased six life insurance policies, with $87,506 in annual premium funds, by way of the advisors in 2020 and 2021.
Walton referred Mukamal to her advisors. He purchased 4 insurance policies with $188,067 in annual premium funds in 2020 and 2021.
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