779 Fed.Appx. 927 (3rd Cir. 2019), 16-4337, Sun Life Assurance Company of Canada v. Wells Fargo Bank NA
|Docket Nº:||16-4337, 16-4387|
|Citation:||779 Fed.Appx. 927|
|Opinion Judge:||CHAGARES, Circuit Judge.|
|Party Name:||SUN LIFE ASSURANCE COMPANY OF CANADA v. WELLS FARGO BANK NA, as Securities Intermediary, Appellant Sun Life Assurance Company of Canada, Appellant v. Wells Fargo Bank NA, as Securities Intermediary|
|Attorney:||John M. Bloor, Esq., Jason P. Gosselin, Esq., Michael D. Rafalko, Esq., Nicole C. Wixted, Esq., Drinker Biddle & Reath, Philadelphia, PA, Charles J. Vinicombe, Esq., Cozen OConnor, Philadelphia, PA, for Plaintiff - Appellee Eric A. Biderman, Esq., Michael S. Cryan, Esq., Julius A. Rousseau, III,...|
|Judge Panel:||Before: CHAGARES, RESTREPO, and FISHER, Circuit Judges.|
|Case Date:||August 21, 2019|
|Court:||United States Courts of Appeals, Court of Appeals for the Third Circuit|
Submitted Pursuant to Third Circuit L.A.R. 34.1(a) August 19, 2019
This opinion is not regarded as Precedents which bind the court under Third Circuit Internal Operating Procedure Rule 5.7. (See Federal Rule of Appellate Procedure Rule 32.1)
On Appeal from the United States District Court for the District of New Jersey (District Court No. 3:14-cv-05789), District Judge: Honorable Peter G. Sheridan
John M. Bloor, Esq., Jason P. Gosselin, Esq., Michael D. Rafalko, Esq., Nicole C. Wixted, Esq., Drinker Biddle & Reath, Philadelphia, PA, Charles J. Vinicombe, Esq., Cozen OConnor, Philadelphia, PA, for Plaintiff - Appellee
Eric A. Biderman, Esq., Michael S. Cryan, Esq., Julius A. Rousseau, III, Esq., Arent Fox, New York, NY, for Defendant - Appellant
Before: CHAGARES, RESTREPO, and FISHER, Circuit Judges.
CHAGARES, Circuit Judge.
These cross-appeals present novel and important questions of New Jersey law. First, does a stranger-originated life insurance ("STOLI") arrangement, in which the holder of a life insurance policy lacks an insurable interest in the life of the insured, violate public policy under New Jersey law, and as such is it void ab initio? Second, is a later purchaser of the policy who was not involved in the STOLI arrangement entitled to a refund of any premium payments that he or she made? We certified these questions to the Supreme Court of New Jersey. The Court has now responded, answering yes to the first question and yes to the second question depending on the circumstances. Sun Life Assurance Co. of Canada v. Wells Fargo Bank, N.A., 238 N.J. 157, 208 A.3d 839 (2019). Based on these answers, we will affirm.
We write for the parties and so recite only those facts necessary to our decision.
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