LOS ANGELES (AP) — A federal jury in Los Angeles has refused to award any money in a lawsuit stemming from the takeover of failed insurer Executive Life.
California Insurance Commissioner Dave Jones says he’s disappointed by Monday’s ruling.
The state took over California-based Executive Life in 1991 and sold assets to an investor group that included a bank controlled by the French government.
State law at the time barred foreign government ownership of insurers but the group assured California that private investors would have control.
The Insurance Department later sued, claiming the investors conspired to conceal French government control.
Most investors settled but the French company Artemis went to trial and was ordered to pay $241 million. An appeals court overturned the award and ordered a retrial.
