Variable annuities - Manulife at risk of class-action lawsuit

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Following a series of losses on its variable annuity portfolio, Ontario-based insurer Manulife is facing a substantial payout in damages to its investors if a mooted class action suit against it is successful.

Siskinds, a law firm based in London, Ontario, is investigating the possibility of filing a suit on behalf of holders of Manulife securities if the insurer is found to have failed to meet regulatory requirements on the disclosure of market risk.

The Ontario Securities Commission (OSC) serv