Brooklyn Financial Group V. Guardian Life Insurance of America

BFG had a very successful insurance agency with Guardian for over 25 years. In January 2017, Guardian unilaterally terminated the agency, alleging underwriting lapses and other “causes”. An action was filed in Brooklyn, N.Y., in which Galactic sought and received a temporary restraining order against Guardian Life Insurance Company. One month later, on a motion from Guardian to vacate the TRO, the Judge denied Guardian’s request and issued a permanent injunction. Settlement discussions began immediately.

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The parties settled in June of 2017 for many millions of dollars (the precise amount and terms being the subject of a confidentiality agreement). Legal fees and costs aggregated $350,000.00.