Class Action: Holding Co. Deliberately Schemed To ‘Bleed Capital’ From Subsidiary

(September 26, 2018, 10:07 AM EDT) -- WILMINGTON, Del. — A class action was filed in the Delaware Chancery Court on Sept. 21 alleging that an insurance holding company and its affiliates conducted a “deliberate, long-term scheme” to “bleed capital” from the holding company’s wholly owned insurance subsidiary upon which more than 1 million policyholders depend for long-term care insurance disability benefits (Richard F. Burkhart, et al. v. Genworth Financial Inc., et al., No. 2018-0691, Del. Chanc.)....