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Daniel Patrick Moynihan U.S. Courthouse, Southern District of New York, at 500 Pearl St., New York, NY (Photo: AP/Mark Lennihan)

CNO Financial Group Inc. has filed suit in the U.S. District Court for the Southern District of New York against executives at Beechwood Re, claiming they fraudulently redirected reinsurance trust fund assets to Platinum Partners, an embattled Long Island hedge fund under investigation by federal authorities.

The suit filed by lawyers at Winston & Strawn claims that CNO subsidiaries Bankers Conseco Life Insurance Co. and Washington National Life Insurance Co. have lost hundreds of millions of dollars as a result of a conspiracy to surreptitiously bring institutional investor money under Platinum’s control.

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