Pacific Life Settles Insurance Dispute Tied to Partnership

The beneficiary of two life insurance policies purchased to fund a partnership buy-sell agreement notified the court that he had reached a settlement with Pacific Life Insurance Co. in his suit over its rescission of the policy.

Ronald Blalock filed a notice of settlement in the US District Court for the Middle District of Georgia on Dec. 7.

• Pacific Life rescinded the policies and returned the premiums when it found inconsistencies in the application questionnaire, prompting Blalock’s lawsuit in January 2023.
• The court ruled in July that Blalock could pursue his breach-of-contract claim against Pacific Life, but not a claim ...