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Phl Variable Insurance Company v. Lucille E. Morello 2007 Irrevocable Trust, By and Through Its Trustee

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Submitted: November 16, 2010

Before SMITH, BEAM, and BENTON, Circuit Judges.

New Stream Insurance, LLC (“New Stream”) indirectly loaned an insured money to purchase a high-dollar life insurance policy from PHL Variable Insurance, Co. (“Phoenix”), a member of the Phoenix Companies, Inc. After the insured’s death, it came to light that the insured had fraudulently procured the policy, prompting Phoenix to deny the death benefit, sue the beneficiaries for rescission of the insurance contract, and retain all premiums paid. In response, New Stream intervened as a third-party plaintiff, seeking a declaratory judgment that Phoenix is not entitled to retain the premiums that New Stream loaned to the insured. Eventually, the beneficiaries settled with Phoenix, and the district court,*fn1 over New Stream’s objection, adopted the beneficiaries’ and Phoenix’s settlement agreement allowing Phoenix to retain the premiums. New Stream now appeals the district court’s judgment. We affirm.

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