Wells Fargo, S&P Beat Bulk Of Life Policy Investors' Suit

Law360 (March 29, 2019, 8:50 PM EDT) -- A New York federal judge has dismissed most of the claims in several suits alleging that offshore investors in Lifetrade Fund BV lost $685 million on high-risk life insurance investments due to misconduct by two of the fund's officers, S&P Global Inc. and Wells Fargo Bank NA.

In five related cases, over 500 investors based in Japan, Argentina and Korea have accused Lifetrade CEO Roy Smith and chief marketing officer John Marcum of vastly overstating the potential profitability of their fund.

According to the plaintiff investors, S&P bolstered Lifetrade's profile by repeatedly giving glowing ratings for the investments included in the...

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