5th Circ. Largely Sides With SEC In Life Partners Appeal
Law360, New York (April 24, 2017, 3:52 PM EDT) -- The U.S. Securities and Exchange Commission persuaded the Fifth Circuit to partly reinstate a jury verdict against two executives at "death bonds" trader Life Partners Holdings Inc. on Friday, but the appeals court also threw out civil penalties after finding that the lower court miscalculated.
Three years ago, a jury found LPHI, its top shareholder and CEO Brian Pardo and its top lawyer R. Scott Peden turned a blind eye to shortened life expectancy estimates that made the policies they were selling seem more valuable, but U.S. District Judge James Nowlin lessened the verdict's sting. The jury found that the parties...
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