PHL policyholders sue Golden Gate Capital, alleging self-dealing and mismanagement
Bloomberg reports that PHL Variable Insurance Co. faces possible liquidation. Its policyholders sued private equity owner Golden Gate Capital, accusing it of self-dealing and mismanaging the insurer.
TLDR
Bloomberg reports that policyholders sued Golden Gate Capital, the private equity owner of PHL Variable Insurance Co., over the insurer’s $2.2 billion capital shortfall. They accuse Golden Gate of self-dealing and mismanagement that left PHL facing possible liquidation.
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