Mr. Gerald Gibbs - Successful Head Litigant against Canada Life Assurance

Mr. Gerald Gibbs, current President and CEO of Lease Pathology Ltd. was the head litigant to bring forth a successful precedent setting class action suit against a prominent insurance company in Ontario, Canada.

The claims were brought by a class that amplified to over 100,000 Canada Life policy owners; who suffered damages as the result of alleged improper sales practices. The claim is sometimes known as “the vanishing premium policies case” relating to the insurance companies failure to properly disclose the market-sensitivity of the company's premium payment projections.

Clients were informed they would pay premiums on insurance policies for a fixed period. After the fixed period, premiums would be paid or offset against investment income earned within the policy made by the insurance company on the client’s behalf. However, due to the drop in interest rates and investment expectations, policy-holders were made to pay premiums longer than previously represented or disclosed.

Canada Life Vanishing Premiums
Mr. Gerald Gibbs and David Alan Jarvis V. Canada Life Assurance Company
Toronto, Ontario, Canada.
April 4, 2001

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