The stock moved on news that Travis County District Judge Stephen Yelenosky ruled that the life settlement transactions that it facilitates are not securities under Texas law.
Life Partners CEO, Brian Pardo, expressed gratitude for the integrity of the judicial system. “The Attorney General brought this case knowing that both a Federal Court of Appeals and a Texas appeals court have ruled specifically that Life Partners’ life settlements are not securities. The Attorney General has issued inflammatory press releases and used this suit as a vehicle to make baseless claims of fraud, insolvency and a lack of regulation. None of that is true. We have been in business for 20 years. We have facilitated over 143,000 purchaser transactions involving over 6,500 policies totaling over $3 billion in face value.”
Life Partners Holdings, Inc. (NASDAQ: LPHI) is a financial services company and the parent company of Life Partners, Inc. (“LPI”), one of the oldest and most active companies in the United States engaged in the secondary market for life insurance known generally as “life settlements.”
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