The U.S. District Court for the Southern District of New York recently ruled on the parties’ motions for summary judgment in Settlement Funding, LLC v. AXA Equitable Life Ins. Co., No. 09 CV 8685 (HB) (S.D.N.Y. Sept. 29, 2010), holding that egregious facts may permit an insurer’s rescission of a life policy after expiration of the policy’s two-year incontestability period. Plaintiff Settlement Funding, the assignee of a $5 million insurance policy on the life of Esther Adler, sought summary judgment on its claim for recovery of insurance proceeds following Ms.