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Streetwise Streetwise newsletter: Appeals filed for dismissed suits against 3 Canadian life insurers

Here are the top reads on deals and financial services over the last 24 hours,

Appeals filed for dismissed lawsuits against three Canadian life insurers: A pivotal court ruling that dismissed three lawsuits against Canadian life insurers has been formally appealed, extending a battle between the companies and three investment funds over the fine print of decades-old contracts. Story (Tim Kiladze, for subscribers)

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Michael Grimaldi appointed new chair of OPTrust: Michael Grimaldi, a former chairman of the board of OPSEU Pension Trust, the pension plan for Ontario provincial government employees, has returned to the role after the abrupt departure of its previous chair. Mr. Grimaldi now appears on the pension’s website as chair, with a note that his appointment was effective April 1, also the date of previous chair Tim Hannah’s departure. Story (David Milstead, for subscribers)

Should Canadians adopt Merrill Lynch’s trade idea of selling utility stocks and buying financials?: Merrill Lynch quantitative strategist Savita Subramanian has a new trade idea – sell U.S. utility stocks and buy U.S. financial stocks – for a potential gain of 20 per cent in the next 12 months. Could this trade also work for Canadian stocks? Story (Scott Barlow, for subscribers)

MORE FINANCIAL SERVICES NEWS

Morgan Stanley beats profit estimates on lower costs and strength in wealth management: Morgan Stanley reported a 9-per-cent drop in quarterly earnings on Wednesday, but managed to beat analyst estimates through slight growth in its wealth management business, as well as cost cuts. Story (Reuters, for subscribers)

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