A Texas appeals court reversed a lower-court ruling making the Life Partners Inc.’s life-settlement policies now regulated under state securities laws, which had previously found the policies didn’t qualify.
Life Partners Holdings buys the rights to death benefits from the policyholder in exchange for a lump-sum payment.
The State of Texas accused Life Partners Holdings Inc. and other affiliates of fraud in connection with the sale of securities. Texas is seeking an injunction blocking the sale of the life-settlement policies to Texans.
Justice David Puryear, in Austin wrote, “This case considers whether Life Partners’ business practices constitute the sale of securities under Texas law, and no binding determination on that matter has been previously made.”
If you have become alleged victim of life insurance fraud, contact an insurance fraud attorney for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552. Soreide Law Group, PLLC, represents Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).
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