Group of 29 plaintiffs sue Penn Mutual over whole life tax-avoidance ‘sham’
March 19, 2025 by John Hilton
A group of 29 plaintiffs claim that Penn Mutual Life Insurance Co. and several co-defendants ran a tax-avoidance scam around whole life insurance policies.
The amended complaint filed last week in U.S. District Court for the Central District of California alleges fraud and negligence, as well as violations of the Racketeer Influenced and Corrupt Organizations Act (RICO).
Plaintiffs, which come from states around the country, ask the court for $23.5 million in damages.
Originally Posted at InsuranceNewsNet on March 14, 2025 by John Hilton.
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