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Death Benefit Investor Says Broker Overcharged

Law360, New York (November 9, 2011, 6:54 PM EST) -- A California investor in the secondary market for life insurance policies launched a putative class action against settlement broker Life Partners Inc. on Tuesday, accusing the company of overcharging for shares in policy proceeds.

The suit, filed by Marilyn Steuben in California court, alleges that Waco, Texas-based Life Partners sold so-called life settlements to investors in California in 2010 and 2011 where the purchasers paid more for the policy than it would have cost Life Partners to maintain.

Settlement brokers such as Life Partners give terminally...
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