Central States Joint Board v. Continental Assurance Co.

PRESIDING JUSTICE DOWNING

delivered the opinion of the court:

Defendant, Continental Assurance Company, appeals from the trial court’s judgment which rescinded a pension funding insurance contract, GP-9331, defendant issued to plaintiff, Central States Joint Board and Allied Organizations Staff Pension Plan and Trust. Defendant was also ordered to pay to plaintiffs the sum of $1,651,973.61 which represents the book value, as of May 21, 1982, of plaintiff’s pension plan held under the policy. Two issues are presented for review: (1) whether the trial court’s decision was against the manifest…