Equitable Life Said To Hoodwink Business Partners

March 11, 1991|By New York Times News Service

NEW YORK -- Manufacturers Hanover Trust Co. has accused Equitable Life Assurance Society of the United States of deceiving its partners and reneging on a contract in a real estate investment worth more than $400 million.

Manufacturers will present its case Monday in U.S. Bankruptcy Court in Manhattan.

The accusations will be presented at a hearing to review Manufacturers' request that the court set aside the bankruptcy filing for the real estate partnership that Equitable made in October.

Manufacturers and 25 limited partners were stuck with millions of dollars of losses. Equitable has said that it had no other option.

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