Executive Life of NY – In the News
Check here for Executive Life Insurance Company of New York news from Edward Stone Law.
January 22, 2020
“Judge Orders Feds to Pay Up After Insurer Goes Belly-Up” The U.S. Court of Appeals for the Federal Circuit overturned a lower court decision in favor of the government in the lawsuit brought by the family of Trevor Langkamp and issued a unanimous opinion, remanding the case to the lower court for proceedings consistent with the reversal. Looks like Trevor Langkamp will be one of the few to collect from the United States on its promise to make good on its obligations to Mr. Langkamp.
January 14, 2020
“No. 349: Executive Life of New York and Its Structured Settlement Annuities Are Back in the News” by Joseph M. Belth. Joseph M. Belth, Ph.D., professor emeritus of insurance at the Kelley School of Business at Indiana University, and author of Life Insurance: A Consumer’s Handbook, blogs about the Trevor Langkamp decision.
December 14, 2014
“Andrew Cuomo’s Secret Plan That Took from the Pockets of 1,500 Widows, Accident Victims, and Handicapped” by Shawn McCoy published on Inside Sources, an online news organization provided an in depth analysis of the Executive Life debacle.
November 27, 2019
Read the complete opinion by the U.S. Court of Appeals for the Federal Circuit in the Trevor Langkamp case involved the failure of Executive Life Insurance Company of New York and the United States’ obligation to make good on its promises to Mr. Langkamp.
September 9, 2013
“Gone, But Not Forgotten” by Peter Bickford published in September 9, 2013 issue of the Insurance Advocate is indeed a sober post mortem for a company that languished for 21 years in rehabilitation before its “death” by liquidation, which was finalized in August.
August 9, 2013
“State fund bomb” was the headline for the article in The New York Post on August 9, 2013 that noted that the ELNY liquidation marks the “first time the state insurance fund did not cover 100 percent of a failed company’s liabilities”. Columnist Josh Kosman goes on to point out that “ELNY’s liquidation has wiped out a $558 million insurance fund.”
August 1, 2013
ABC6/Philadelphia’s Nydia Han did an piece entitled “Cautionary Tale About Annuities” featuring an Executive Life annuitant and highlighting the cuts that will be inflicted on 1500 Executive Life (ELNY) annuitants in the coming months.
July 26, 2013
The Superintendent of Financial Services of the State of New York posted a liquidation notice on the Executive Life of New York (ELNY) website, setting a proposed closing date of August 8, 2013. This was the only notice given to the 1500 annuitants before their benefits are cut. Some annuitants received cuts of more than 66%.
May 15, 2013
NBC6/Miami’s Willard Shepard did an in-depth interview with two Executive Life annuitants. View the interview and article here.
May 14, 2013
LifeHealthPro reported that Executive Life (ELNY) cuts are expected to begin in the third quarter of 2013. “ELNY Liquidation expected in 3Q” by Elizabeth Festa, May 14, 2013.
April 5, 2013
“NY seeks to liquidate Long Island life insurer” by Claude Solnik, Long Island Business News, April 5, 2013.
February 18, 2013
The February 18, 2013 edition of the Insurance Advocate, an industry publication serving New York, New Jersey, Connecticut, Pennsylvania and Washington, D.C. ran a column by Peter Bickford entitled “Ongoing ELNY Debacle Exposes Serious Problems”, and a Guest Opinion by Edward S. Stone, Esq. Both articles can be viewed here.
January 10, 2013
The New York Daily News published an article on January 10, 2013 highlighting the concerns of a number of ELNY victims. “Accident victims are suing New York Liquidation Bureau as state agency slashes their payment” By Ginger Adams Otis/New York Daily News, January 10, 2013.
November 10, 2012
In November, 2012 the National Underwriter published a feature article on the ELNY debacle. The entire article and the companion features are available at the link here: “The Complete ELNY Saga – 21 years of Mismanagement, Corruption, Broken Promises and Shattered Lives” by Bill Coffin, Elizabeth Festa, Warren S. Hersch, Michael Stanley, and Shawn Moynihan – National Underwriter Life & Health (November 2012, Volume 116 No. 11) Life Health Pro. This article went on to receive three industry awards.
February – April, 2012
“Insurance Cuts Leave Some Livid,” Courthouse News, April 18, 2012
“Loss for Policyholders” Wall Street Journal, April 16, 2012
“Insurance Beneficiaries Say NY is Cheating,” Courthouse News, March 22, 2012
“The Trouble With ELNY” by Peter Bickford, February 2012
For detailed information relating to Executive Life Insurance Company (ELNY) and its parent company, First Executive Corporation, please see Patrick Hindert’s blog “Beyond Structured Settlements”.
If you are an Executive Life Insurance Company of New York (ELNY) annuitant and have not yet had your ELNY structured settlement documents reviewed, now is the time to do so. Please contact Edward Stone at (203) 504-8425 or via email at eddie@edwardstonelaw.com.
For more information on Executive Life: ELNY Debacle and Class Action Lawsuit
