The boards of directors of The New England Mutual Life Insurance and its subsidiary, Copley Real Estate Advisors, approved an out-of-court settlement with the $25 billion Washington State Investment Board, Olympia. Washington's trustees approved the settlement last month, that requires The New England to pay $190 million to the pension fund. The pension fund would return its interest in the real estate partnership that was at the center of the dispute, which is valued at $50 million, according to a Washington official.
Washington sued The New England three years ago alleging the insurer engaged in self-dealing because it held loans on the properties at the time Copley acquired them for the partnerships.
