FRANK J. GAIDON, Individually and on Behalf of All Others Similarly Situated, et al., Appellants,
v.
GUARDIAN LIFE INSURANCE COMPANY OF AMERICA, Respondent.
PAUL A. GOSHEN, Individually and on Behalf of All Others Similarly Situated, Appellant,
v.
MUTUAL LIFE INSURANCE COMPANY OF NEW YORK et al., Respondents.
Court of Appeals of the State of New York.https://leagle.com/images/logo.png
Argued October 14, 1999.
Decided December 20, 1999.
Attorney(s) appearing for the Case
Milberg Weiss Bershad Hynes & Lerach, L. L. P., New York City (Melvyn I. Weiss and Barry A. Weprin of counsel), Arnzen, Parry & Wentz, P.S.C., Covington, Kentucky, Bonnett, Fairbourn, Friedman & Balint, P. C., Phoenix, Arizona, Cantilo, Maisel & Hubbard, L. L. P., Dallas, Texas, and James, Hoyer & Newcomer, P.A., Tampa, Florida, for appellants in the first above-entitled action.
Skadden, Arps, Slate, Meagher & Flom, L. L. P., New York City (Thomas J. Dougherty and James R. Carroll of counsel), for respondent in the first above-entitled action.
Milberg Weiss Bershad Hynes & Lerach, L. L. P., New York City (Melvyn I. Weiss and Barry A. Weprin of counsel), Arnzen, Parry & Wentz, P.S.C., Covington, Kentucky, Bonnett, Fairbourn, Friedman & Balint, P. C., Phoenix, Arizona, Cantilo, Maisel & Hubbard, L. L. P., Dallas, Texas, and James, Hoyer & Newcomer, P.A., Tampa, Florida, for appellant in the second above-entitled action.
Dewey Ballantine, L. L. P., New York City (Harvey Kurzweil, Richard W. Reinthaler and James P. Smith III of counsel), and E. Allan Farnsworth for respondents in the second above-entitled action.
Eliot Spitzer, Attorney General, New York City (Preeta D. Bansal, Edward Johnson, Thomas G. Conway, Jane M. Azia and Marion R. Buchbinder of counsel), amicus curiae in the first and second above-entitled actions.
Rice & Justice, Albany (John Carter Rice, Lawrence P. Justice and Bradley F. Rice of counsel), for Business Council of New York State, Inc., amicus curiae.
Milbank, Tweed, Hadley & McCloy, L. L. P., New York City (Jeffrey Barist, David R. Gelfand, Charles Westland and Nicholas Smithberg of counsel), for American Council of Life Insurance, amicus curiae.
Chief Judge KAYE and Judges LEVINE, CIPARICK and WESLEY concur with Judge ROSENBLATT; Judge BELLACOSA dissents in part and votes to affirm in a separate opinion; Judge SMITH taking no part.
Court of Appeals of the State of New York.
OPINION OF THE COURT
ROSENBLATT, J.
In both appeals before us, plaintiffs are policyholders who have brought actions against insurance companies in connection with "vanishing premium" life insurance policies. They allege, in essence, that they purchased their insurance policies based on defendants' false representations that out-of-pocket premium payments would vanish within a stated period of time. Plaintiffs...
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