Texas Challenges Securities Ruling In Life Partners Case

Law360, Dallas (July 9, 2013, 8:28 PM EDT) -- Texas is appealing a state court's ruling that life settlement policies sold by Life Partners Inc. don't qualify as securities, saying in an opening brief that the ruling was based on a federal doctrine that has since been widely criticized and should not apply.

The state argued in a July 3 brief that the Texas Securities Act can be read to recognize life settlements — which give investors an interest in the future proceeds of a third party's life insurance policy — as investment contracts, notes...
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