A man who alleged that he was defrauded in the sale of his $8.4 million life insurance policy can’t be forced into arbitration under the terms of the contract, the Third Circuit has ruled.
Lincoln T. Griswold had filed suit against Pennsylvania-based Coventry First, which had purchased his policy through a broker appointed by his agent, Mid-Atlantic Financial, because of the alleged fraud in that deal. Coventry had paid a kickback to the broker, Kevin McGarrey, in order to rig the bidding process in its favor, Griswold alleged.
