- Manulife Financial (MFC +1.2%) gets a favorable ruling from the Sasketchewan Court of Appeals in the Mosten Investment case.
- The court affirmed that policyholders can't make unlimited deposits into universal life insurance contracts and the deposits must relate to amounts required to pay the life insurance premium.
- The ruling upheld an earlier court decision dismissing Mosten's claims against Manulife and affirmed that a government of Saskatchewan regulation applies to all universal life policies.
- Mosten Investment had sued Manulife in 2017, claiming it should be able to deposit as much capital as it wanted to and earn high interest rates based on a 1997 insurance policy.
- Carson Black's Muddy Waters had shorted in 2018, saying at the time that Manulife's stock price didn't reflect he trial's risk.