Texas High Court Will Hear Life Partners Securities Suits
By Jess Krochtengel (December 19, 2014, 8:54 PM EST) -- The Texas Supreme Court on Friday agreed to resolve a split among lower appellate courts on whether life settlements — fractional interests in insurance policies — sold by Life Partners Inc. can be regulated as securities, granting review to a putative class action and an enforcement suit from state regulators.
Life Partners is arguing to the court that both the Fifth and Third courts of appeals erred in decisions that treat the life settlements as investment contracts that are subject to oversight from the Texas State Securities Board and regulated under the Texas Securities Act. It says both rulings contradict an earlier decision from the Tenth...
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