INSURANCE

Another Executive Life Challenge Filed: Texas Commerce Bank of El Paso, trustee for holders of municipal bonds backed by Executive Life Insurance Co., has asked a state appeals court to declare that last year’s sale of the failed insurer’s junk bond portfolio was illegal. Altus Finance of France paid $3.25 billion for the portfolio as part of a plan to rehabilitate Executive Life. Texas Commerce contends that the French underpaid by as much as $2.15 billion. It seeks damages for Executive Life investors and policyholders. The challenge parallels an appeal by another group seeking to overturn a Superior Court order approving the sale of Executive Life to the French investment group.