Texas Justices Asked To Ax Life Partners Class Action

By Jeremy Heallen (March 25, 2014, 10:35 PM EDT) -- Life Partners Inc. urged the Texas Supreme Court Monday to reverse a lower appeals court's decision to reinstate a putative class action accusing it of selling unregistered securities, saying life settlements do not qualify as such under state law.

In a petition for review filed with the high court, Life Partners says that the Fifth District Court of Appeals improperly revived the suit last year after it erroneously concluded that life settlements, which allow investors to buy fractional interests in life insurance policies, must comply with the Texas Securities Act.

Life Partners says that its products are distinguishable from traditional securities...

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