As Old Mutual gears up to split itself into two new listed vehicles later this year, two U.S companies have lodged a claim against it in a New York court in relation to U.S assets Old Mutual sold eight years ago.
The claim, by The Travelers Companies and St Paul Fire and Marine Insurance is understood to relocate to Baltimore based Fidelity and Guarantee Life, which Old Mutual bought in 2001 from St Paul, which was a predecessor of Travelers and then sold in 2011 to Harbinger Capital.
Old Mutual said on Tuesday that it believed the US action was “without merit”.
The claim comes as Old Mutual gears up to present what could be its last set of full-year results this week, before it separates itself into two new listed companies.
it’s SA and emerging markets businesses housed in Old Mutual Limited which will have its listing in Johannesburg and its UK Wealth Management business Quilter with a primary Listing in London.