Larry King Sues Insurance Company for Breach of Fiduciary Duty

On October 22, 2007, CNN host Larry King filed a complaint against Meltzer Group insurance company, alleging breach of fiduciary duty and detriment to his financial interests.

King charges that an insurance company convinced him to engage in a series of “highly complex life insurance transactions” that resulted in the CNN host’s purchase and flipping of insurance policies with an aggregate value of $15 million.

In one instance cited in the lawsuit, King purchased a $10 million policy and, at Meltzer’s direction, immediately sold it for a $550,000 profit. * * *

The newsman alleges that Meltzer, driven by “greed and avarice,” steered him into deals that were against his financial interests, and that the insurance broker never considered his financial condition, health, and the “likelihood of his future uninsurability.” * * *

King’s lawsuit, which does not specify monetary damages, charges Meltzer and its principal, Alan Meltzer, with breach of fiduciary duty.

See Larry King Rooked In Life Insurance Scam?, thesmokinggun.com, Nov. 2, 2007.