March 10 (Reuters) - Manulife Financial Corp won a lawsuit filed in Canada by hedge fund Mosten Investment LP, which had claimed right to unlimited deposits into universal life insurance contracts that offered high interest rates based on a 1997 insurance policy.
Toronto-headquartered Manulife said on Wednesday an appeal court ruled in favor of the life insurer and that the Government of Saskatchewan regulation applies to all universal life policies, including those that are at issue in the litigation.
A Canadian court in 2019 dismissed previous claims against Manulife by hedge fund Mosten, which wanted to take full advantage of contracts from the 90s, when interest rates were at much higher levels than they are today.
A lawyer representing Mosten did not immediately respond to a request for comment. (Reporting by Praveen Paramasivam in Bengaluru; Additional reporting by Nichola Saminather in Toronto; Editing by Shinjini Ganguli)