Ontario Court of Appeal Confirms Breach of the Insurance Companies Act by Major Insurers

LONDON, ON, Nov. 3, 2011 /CNW/ - On behalf of 1.8 million participating policyholders, Jay Jeffery, Bill Rudd and John McKittrick, class representatives in the matters Jeffery v. London Life Insurance Company and McKittrick v. Great-West Life Assurance Company, are gratified by the decision of the Ontario Court of Appeal which confirms that the use of participating policyholder funds in the 1997 acquisition of London Life by Great-West Life failed to comply with Generally Accepted Accounting Principles (GAAP) and the Insurance Companies Act.

The Class Representatives look forward to resuming the prosecution of all remaining matters to a conclusion before the trial judge in London Ontario.

Class members are represented by Harrison Pensa LLP and Bates Barristers. A copy of the judgment can be found on the Ontario Court of Appeal's website at http://www.ontariocourts.on.ca/decisions_index/new_releases.htm.

SOURCE Harrison Pensa LLP

For further information:

Paul Bates, Bates Barristers - 416.869.9898
Jon Foreman, Harrison Pensa LLP - 519.661.6775
David Williams, Harrison Pensa LLP - 519.661.6782

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