SECURITIES

New York Life Settles Limited Partnership Claims: The New York-based insurer said it is offering full refunds to about 28,000 investors to settle a class-action lawsuit over $396 million in limited partnerships sold by a broker subsidiary, NYLife Securities Inc. The lawsuit in Miami claims many who bought the partnerships didn’t fully understand the speculative nature of oil and gas investments. About $230 million already has been paid off through quarterly cash distributions to investors, according to New York Life. It said it would provide refunds to cover at least the full original investment for everyone participating in the offer. The settlement includes a $97-million advance by New York Life to the investors, an amount the company said it expects to recover from the sale of assets of the oil and gas partnerships.