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Archive | Life Settlements

Life Settlement Companies Among Those ‘Scrambling’ to Comply with New York’s New Complex Cybersecurity Reglations, Says Report

April 04, 2017  |   Posted by :   |   Life Settlements   |   Comments Off on Life Settlement Companies Among Those ‘Scrambling’ to Comply with New York’s New Complex Cybersecurity Reglations, Says Report

“Life settlement companies are scrambling to meet complicated cybersecurity rules imposed by a New York regulator,” reports The Deal in an article entitled “Market Players Scramble to Meet New York Cybersecurity Rules”. The article describes the New York State Department of Financial Services’ cybersecurity rules that went into effect March 1 and are aimed a […]

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Investment in Viatical Deal Leads to Lawsuit Lifespans Last Longer Than Expected

January 26, 2017  |   Posted by :   |   Life Settlements   |   Comments Off on Investment in Viatical Deal Leads to Lawsuit Lifespans Last Longer Than Expected

A dispute over an investment in viaticals will be litigated in New York, rather than California, a federal court decided last week. And in deciding to transfer the matter to the federal court for the Southern District of New York, the court in Amberger v. Legacy Capital Corp., Case No. 16-cv-05622-JSC, 2017 U.S. Dist. LEXIS 8392 […]

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Lawyer Pleads Guilty to Wire Fraud Count in Life Settlements Scam, Say Reports

January 06, 2017  |   Posted by :   |   Life Settlements   |   Comments Off on Lawyer Pleads Guilty to Wire Fraud Count in Life Settlements Scam, Say Reports

A Connecticut lawyer has pleaded guilty to wire fraud charges arising from a life settlements scam, according to news reports based on information from the U.S. attorney’s office. The criminal investigation was focused on a scam whereby the lawyer and others offered senior citizens the promise of free life insurance for two years, after which the policies would be […]

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Court Grants Rescission in Stranger-Originated Life Insurance Lawsuit

January 03, 2017  |   Posted by :   |   Life Settlements   |   Comments Off on Court Grants Rescission in Stranger-Originated Life Insurance Lawsuit

A plaintiff’s lawsuit seeking to enforce a stranger-originated life insurance policy resulted instead in a court ruling in favor of the insurer seeking to rescind the policy. In addition, the court in Ashkenazi v. AXA Equit. Life Ins. Co., 115034/07, 2016 NY Slip Op 31882(U), Supreme Court, New York County, N.Y. (N.Y. Sup. Ct. Oct. […]

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Judge Approves Life Partners Reorganization Plan

November 10, 2016  |   Posted by :   |   Life Settlements   |   Comments Off on Judge Approves Life Partners Reorganization Plan

A federal judge last week gave his approval to a reorganization plan for Life Partners Holdings Inc., a life settlement company that filed for bankruptcy last year following reports that the company has engaged in allegedly fraudulent practices – practices that were described by the Wall Street Journal earlier this year as “one of the largest frauds in Texas.” […]

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In STOLI Scheme, Court Correctly Calculated $2.6 Million Restitution Amount, Says U.S. Appeals Court

October 26, 2016  |   Posted by :   |   Life Settlements   |   Comments Off on In STOLI Scheme, Court Correctly Calculated $2.6 Million Restitution Amount, Says U.S. Appeals Court

A man convicted of mail fraud in connection with a stranger-owned life insurance scheme must pay $2.6 million in restitution, a federal appeals court affirmed earlier this month. The U.S. Court of Appeals for the Fifth Circuit on October 5 said that the district court judge properly applied the law to the calculation of losses […]

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Lawsuit Alleges Fraud by Viatical Company

October 18, 2016  |   Posted by :   |   Life Settlements   |   Comments Off on Lawsuit Alleges Fraud by Viatical Company

A recent published report says that a viatical company has been sued for misrepresenting the life expectancy information. Said the report: A jazz musician who invested $20,000 in two viatical policies 18 years ago with Legacy Capital Corp. has sued, claiming a non-board certified physician dying of AIDS had backdated a life expectancy report. The […]

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Federal Appeals Court Rules Against Insurer In STOLI Case

October 17, 2016  |   Posted by :   |   Life Settlements   |   Comments Off on Federal Appeals Court Rules Against Insurer In STOLI Case

A recent news report explained that a “federal appellate court said Sun Life Assurance Co. of Canada has to pay bad faith damages for refusing to pay a $6 million death benefit, handing a victory to the life settlement market.” The report, Appellate Court Says Sun Life Must Pay Bad Faith Damages In $6M STOLI […]

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In Life Partners Bankruptcy Proceeding, Wall Street Journal Describes Difficult Decisions, ‘Rotting Fish’ Deal

August 31, 2016  |   Posted by :   |   Life Settlements   |   Comments Off on In Life Partners Bankruptcy Proceeding, Wall Street Journal Describes Difficult Decisions, ‘Rotting Fish’ Deal

The Wall Street Journal publishes detailed articles this week and last week on the Life Partners, Inc., bankruptcy proceeding, with a piece first on the difficult decisions faced by individuals who invested in the company, and later on the bankruptcy judge’s concerns about one of the possible successor deals. Last week’s report describes savvy investors saying […]

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In Case Where Key Issue Was Whether A Life Settlement Is A Security, Texas Appeals Court Affirms Award

July 12, 2016  |   Posted by :   |   Life Settlements   |   Comments Off on In Case Where Key Issue Was Whether A Life Settlement Is A Security, Texas Appeals Court Affirms Award

Last year, the Texas Supreme Court concluded that life settlements agreements in a case before it were investments and therefore securities. This year, a Texas Court of Appeals case looked at a similar set of facts and concluded there was no reason to distinguish the case from the Texas Supreme Court opinion. In Matlock v. […]

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