Manulife wins legal battle as court dismisses hedge fund claims that could have led to billions in losses

Manulife wins legal battle as court dismisses hedge fund claims that could have led to billions in losses

Manulife Financial Corp. and other Canadian life insurers won a legal battle against hedge funds that contended the insurers should be compelled to take unlimited deposits into high-yielding investment policies. A Saskatchewan judge dismissed claims by Mosten Investment LP and other funds that there should be no caps on investments in life-insurance policies from the…

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Manulife shares climb 7 per cent as CEO scorns hedge fund’s claims as ‘commercially absurd’

Manulife shares climb 7 per cent as CEO scorns hedge fund’s claims as ‘commercially absurd’

Manulife Financial Corp. Chief Executive Officer Roy Gori said a hedge fund’s claim that the firm should be compelled to take unlimited deposits is “commercially absurd.” Gori used a portion of Manulife’s third-quarter earnings conference call Thursday to address a lawsuit by Mosten Investment LP. The Saskatchewan-based hedge fund sued Manulife two years ago, claiming…

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‘Our industry has not kept pace’: Manulife announces 700 job cuts amid tech push

‘Our industry has not kept pace’: Manulife announces 700 job cuts amid tech push

Manulife Financial Corp. unveiled a blueprint for its Canadian business on Thursday that envisions more technology — and fewer humans. In announcing a plan to “transform” its operations in Canada, Manulife said it would digitize and consolidate back-office functions, automate existing customer transactions and rejig the “real-estate footprint” for its headquarters. As a result, the Toronto-based insurance…

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