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Life Partners Holdings, chief executive Brian Pardo and two other executives say that the Securities and Exchange lawsuit against them should be dismissed, claiming that their life expectancies weren't off by as much as the government alleged. More
A top New York insurance official said Phoenix Life Insurance broke the law in multiple instances when it increased the cost-of-insurance (COI) charge on certain universal policies.
The agency outlined its position and Phoenix's response in letters obtained by The Life Settlements Report as a result of a public-records request. More
MLF Financial Group, owner of provider Maple Life Financial, said it has formed a new entity that will focus on portfolio evaluation consulting services. More
A federal jury in Florida handed the life settlement market a victory, bucking a trend in which insurers have been tallying up wins in the state.
A jury said a $5 million policy taken out on the life of Barton Cotton was not void due to lack of insurable interest, despite concluding that misrepresentations were made on the application for insurance. More
Corry Capital Advisors, which manages a life settlement fund, has purchased provider SLG Life Settlements from Berlin Atlantic Group for an undisclosed amount. More
Lior Yahalomi is the new chief financial officer and executive vice president of JGWPT Holdings, which was created last July through a merger of J.G. Wentworth and Peachtree Financial Solutions. More
Apollo Global Management is poised to buy five large policies with $66 million in death benefits for $9.5 million from the SageCrest portfolio, according to a Feb. 27 filing in U.S. Bankruptcy Court in Bridgeport, Conn. More
For years, the administrators of a small Christian school in Wisconsin wondered what happened to large life insurance policies that were taken out purportedly to benefit the school in what is alleged to have been a multi-state scam against religious institutions. More
A new firm listed on the Irish Stock Exchange, Global Insurance Settlements, has launched its first European-based life settlements fund, GIS General Fund, according to the company. More
A Washington Senate committee passed a bill Feb. 22 narrowing the consumer-disclosure option for owners of term life insurance. More
Three life insurance agents each face up to 80 years in prison after they were charged by federal authorities in a five-count indictment with orchestrating a $100 million stranger-originated life insurance (STOLI) scheme. More
A legislative proposal under consideration in the state of Washington would no longer require insurers to tell term policy holders about the possibility of selling their policies unless they're in the midst of converting them to permanent insurance. More
The European Life Settlement Association (ELSA) elected Patrick McAdams, investor director at SL Investment Management, as the new chairman for the trade organization. More
On a 6-4 vote after contentious debate, the Life Insurance Settlement Association (LISA) board approved a set of best practices on Feb. 29 that allows the trade group to kick out members who violate the ethics code. More
ARM Asset-Backed Securities, which has been placed under supervision by Luxembourg regulators, has written off $1.75 million in debt, most of it owed to its arranger and sales distributor, Catalyst Investment Group. More
Anthony Livoti Jr., one of four defendants in the Mutual Benefits viatical fraud case, says he's innocent, according to the Palm Beach Daily News. More
With the latest New York federal indictment in an alleged $100 million stranger-originated life insurance (STOLI) scheme, legal experts say this only may be the beginning of a criminal enforcement crackdown on a type of fraud that mainly has played out in civil courts. More
Back Bay Group, an Irvine, Calif.-based life settlement advisory firm, dissolved in mid-January when four of the five executives left and took the staff of eight with them to form a new company, according to Jon Nelson, former managing director of Back Bay. More
The Texas securities commissioner suspended the licenses of two advisers and fined them for their roles in selling notes issued by National Life Settlements, a Houston firm that was shut down in 2009. More
The California Department of Insurance has scheduled a workshop for March 9 seeking comment on six proposed changes to rules regulating life settlements. More
EEA Life Settlements Fund, which was suspended following "unprecedented" redemption requests, said it has earned $62 million from policy maturities in three months. More
The Financial Services Authority confirmed it is investigating London-based Catalyst Investment Group, the Financial Times reported. More
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