Texas Judge OKs $1B Deal In Life Partners Investor Litigation
By Shayna Posses (May 31, 2016, 1:36 PM EDT) -- A Texas bankruptcy judge has approved a more than $1 billion deal floated by Life Partners Holdings' court-appointed bankruptcy trustee to resolve class action litigation alleging that thousands of investors were duped into purchasing bad life insurance settlements with promises of big returns.
U.S. Bankruptcy Judge Russell F. Nelms signed off on a settlement Friday that covers legal claims brought on behalf of more than 20,000 investors, resolving a major hurdle in Life Partners Holdings Inc.'s quest to restructure after filing for bankruptcy early last year.
The settlement, filed in April, came weeks after Chapter 11 trustee H. Thomas Moran II said...
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