5th Circ. Nixes Life Partners' Suit Over SBA Record Keeping

Law360, New York (August 17, 2011, 4:47 PM EDT) -- A U.S. Small Business Administration employee who misled Life Partners Inc. into buying an employee's life insurance policy already assigned to another settlement company committed misrepresentation, not negligence, and therefore the government can't be sued, the Fifth Circuit said Tuesday.

Waco, Texas-based Life Partners purchased a terminally ill SBA employee's life insurance policy in 2002 after another agency employee incorrectly stated that the policy had not yet been assigned, according to the opinion. When Life Partners discovered the previous assignment, it accused the agency of negligent...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.