Life Partners Ducks Texas AG's Injunction Bid In Fraud Suit
By Carolina Bolado (September 25, 2012, 11:04 PM EDT) -- A Texas judge on Tuesday ruled that Life Partners Holdings Inc.'s sales of life insurance policies are not securities and denied the Texas attorney general's bid for an injunction in the state's suit against the insurer for allegedly selling fraudulent, unregistered securities.
In a ruling from the bench, Judge Stephen Yelenosky denied all injunctive relief requested by the state after determining that life settlements are not securities, according to Life Partners' attorney Elizabeth Yingling of Baker & McKenzie LLP.
The suit, launched Aug. 15 by Texas Attorney General Greg Abbott, alleges that Life Partners, along with subsidiary Life Partners Inc., violated...
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