Liability Claim Should Go On In MBC Action: Magistrate

Law360, New York (June 18, 2009, 12:00 AM EDT) -- A magistrate judge has recommended denying summary judgment for either party on a liability claim against one of the defendants in a protracted securities class action over allegedly fraudulent viatical life insurance contracts by Mutual Benefits Corp.

Magistrate Judge Edwin G. Torres of the U.S. District Court for the Southern District of Florida on Wednesday recommended the denial of both defendant Michael Azizi's and the plaintiffs' motions for summary judgment on a claim of control persons liability under the Exchange Act.

Azizi argues that his company...
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