Phoenix Home Life Mutual Insurance Co.'s increased buyout price of Phoenix Investment Partners of Hartford, Conn., from $12.50 to $15.75 a share, may not have been enough to stop a class-action lawsuit filed against both firms, according to E.F. Goulart, a spokesperson for Phoenix Investment Partners.

"Those matters are still in litigation," said Goulart. He declined to comment further. Attorneys for both sides also declined comment on the matter.

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