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SUN LIFE CANADA v. WELLS FARGO

A-49 September Term 2017 080669.

208 A.3d 839 (2019)

238 N.J. 157

SUN LIFE ASSURANCE COMPANY OF CANADA, Plaintiff-Respondent, v. WELLS FARGO BANK, N.A., as Securities Intermediary, Defendant-Appellant.

Supreme Court of New Jersey.

Decided June 4, 2019.

Attorney(s) appearing for the Case

Julius A. Rousseau, III , of the New York and North Carolina bars, admitted pro hac vice, argued the cause for appellant (Arent Fox, attorneys; Julius A. Rousseau, III, and Eric Biderman , on the briefs).

Charles J. Vinicombe argued the cause for respondent (Cozen O'Connor, attorneys; Charles J. Vinicombe, Cherry Hill, Michael J. Miller , and Sarah E. Kalman , on the briefs).

Raymond R. Chance, III , Assistant Attorney General, argued the cause for amicus curiae State of New Jersey Department of Banking and Insurance ( Gurbir S. Grewal , Attorney General, attorney; Melissa H. Raksa , Assistant Attorney General, of counsel; and James A. Carey, Jr. , Deputy Attorney General, and Adam B. Masef , Trenton, Deputy Attorney General, on the brief).

Joseph D. Jean submitted a brief on behalf of amicus curiae Institutional Longevity Markets Association ( Pillsbury Winthrop Shaw Pittman , attorneys).

Michael M. Rosensaft submitted a brief on behalf of amicus curiae Life Insurance Settlement Association ( Katten Muchin Rosenman , attorneys).

In New Jersey and elsewhere, no one can procure a life insurance policy on a stranger's life and receive the benefits of the policy. Betting on a human life in that way, with the hope that the person will die soon, not only raises moral concerns but also invites foul play. For those reasons...

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