Guardian, Advisors Say Unhappy Life Buyers Should Have Read the Policies
A life insurer and financial advisors are rejecting the argument that they owed a fiduciary duty to two cash-value life insurance policy buyers in New York state.
The policy owners, Andrew Mukamal, a stylist, and Leona Walton, a model who uses the stage name Binx, sued Guardian Life, John Hancock, two advisors and the advisors’ firms over policy purchases in a state court in New York City in November 2023. Mukamal and Walton argued that the policies were unsuitable.
Guardian asserts in a memorandum that it had no special relationship with Mukamal or Walton and that Mukamal and Walton should have canceled the policies earlier if the policies were unsuitable.
Lawyers for the advisors, John Kenyon Lang and Michael Blackwell, and the advisors’ firms make similar arguments in a separate pleading.
Representatives for Guardian, John Hancock, Mukamal and Walton declined to comment. Lawyers for the advisors and the advisors’ firms did not respond to a request for comment.
The policies: Walton was single, childless and 23 in 2020. Mukamal, her friend, was single, childless and 33.
Walton bought six life policies, with $87,506 in annual premium payments, through the advisors in 2020 and 2021.
Walton referred Mukamal to her advisors. He bought four policies with $188,067 in annual premium payments in 2020 and 2021.
