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Life Insurance Financier Settles Investor Suit For $14M

Law360, New York (August 2, 2013, 7:49 PM EDT) -- Imperial Holdings Inc. reached a $13.6 million settlement in Florida federal court Friday with a class of shareholders who say the life insurance investor hid rampant misconduct in its premium financing unit that sparked a criminal investigation and hobbled its business.

The deal puts to rest allegations that Imperial's top brass pushed a $174 million initial public offering in 2011 while failing to tell investors that its insurance agents were perpetuating a long-running fraud on life insurance companies that later resulted in a FBI raid of...
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