PHL Variable Insurance v. 2008 Christa Joseph Irrevocable Trust Ex Rel. BNC National Bank

SHEPHERD, Circuit Judge.

PHL Variable Insurance Company brought this action to rescind a $10 million life-insurance policy after it discovered the policy application grossly misrepresented the insured’s finances. Following a bench trial, the district court 1 granted rescission. Midas Life Settlements LLC now appeals. We affirm.

I

Although this was not a simple case below — proceedings before the district court spanned three years, required over two-hundred-fifty docket entries, and included a six-day bench trial — the district court developed the record well. We begin with the relevant facts, as…