Attorneys for life insurance agent Sherwood Schwarz have asked the New York State Supreme Court to overturn an arbitration award in favor of the John Hancock Insurance Company that they maintain denied him $30 million in commissions.
The ruling by the American Arbitration Association denied the breach of contract charges against Hancock and Schwarz’s claims for $30 million in commissions that he says he lost after Hancock pulled its high-end Medallion Gold Universal Life policy from the market in 1999.
The latest filing from Schwarz’s lawyers charges Hancock with fraudulently claiming that the policy was both an unintended mistake and unduly risky.
His lawyers claim that the arbitrators overstepped their legal authority in this case by in effect making a new contract for the parties.
Schwarz is a former owner of the Toronto Argonauts football team.
Source: Law firm of Sanford F. Young
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