Foley & Lardner LLP

Litigation Relating to Demutualization of Large Life Insurance Company

Obtained a $200 million judgment for Mutual of America Life Insurance Company in litigation arising out of the demutualization of John Hancock Life Insurance Company. As the owner of a large, group annuity contract, Mutual of America claimed that it was entitled to a substantial pay-out in connection with John Hancock's demutualization. John Hancock disputed Mutual of America's claim, contending that the contract in question was actually a contract of reinsurance for which no demutualization consideration was due. We brought suit against John Hancock on behalf of Mutual of America and in a decision representing the first modern precedent defining the elements of reinsurance, obtained the payout sought by our client.