Phoenix Co. (PNX) States that Life Insurance Policies Allegations Without Merit
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The Phoenix Companies, Inc. (NYSE: PNX) today issued the following statement:
"Phoenix does not normally comment on litigation matters. However, we believe it is appropriate to respond to a press release authored by an attorney representing the plaintiffs in litigation involving life insurance policies issued by two Phoenix subsidiaries. The allegations noted in that press release are without merit.
"Further, we wish to clarify that the $260 million figure noted in that press release does not represent Phoenix's alleged litigation exposure, but is simply the combined face amount of the policies mentioned."
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