Life Partners Tells Texas Court Offerings Weren't Securities

By Jess Krochtengel (January 15, 2015, 7:51 PM EST) -- Texas should follow the lead of the D.C. Circuit in evaluating whether fractional interests in life insurance policies are considered investment contracts subject to securities regulations, Life Partners Holdings Inc. told the Texas Supreme Court on Thursday.

Life Partners is trying to upset rulings from appellate courts in Dallas and Austin that held that its "life settlement" offerings are securities that fall under the Texas Securities Act. It has asked the Texas court in the two cases, consolidated for oral argument, to find its life settlements aren't considered investment contracts under the U.S. Supreme Court's seminal Howey test because the company...

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