ELNY appeal dismissed
February 8, 2013 by Elizabeth Festa
The comprehensive Executive Life of New York (ELNY) liquidation plan involving the capacity a majority state guaranty funds, top regulators in multiple states, millions upon millions in life insurance company coffers, and thousands of waiting policyholders has cleared a major obstacle with the dismissal of the appeal by a group of annuitants claiming the liquidation plan was unfair and they were denied due process.
The New York Supreme Court, Appellate Division, second judicial department, found in a decision dated Feb. 6, that the objecting annuitants were not denied due process, as contended, and there was no merit to the contention of plaintiffs that the Supreme Court lacked subject matter jurisdiction to include provisions which granted the receiver for ELNY judicial immunity and preliminary injunctive relief. It found that to the extent the court dismissed plaintiffs’ complaint, no appeal lies from a decision, citing the oft-used Schicchi v Green Constr. Corp., [1984]). Click here to read…
