Life Settlement Investors win in Court

By | June 24, 2009
Very interesting article where a group of life settlement investors won their investment back. I think we will see many many more case like this pop up here in the next few years, due to how these programs were sold.
clipped from news.prnewswire.com
Answer Care Receiver Says Successful Trial Outcome Against First Penn-Pacific Will Benefit Investors

BALTIMORE, June 23 /PRNewswire/ — James A. Gordon and Invotex Group, as court appointed administrator of a life insurance policy that was viaticated through Answer Care, Inc., a now-defunct viatical settlement company that was placed into receivership in 2002, delivered good news to a discrete group of Answer Care investors. After nearly seven years of trials and appeals, Invotex was successful in litigation against First Penn-Pacific Life Insurance Company regarding the validity of a $2 million life insurance policy. A recent 4th Circuit Court of Appeals ruling established the validity of a life insurance policy under which First Penn must pay to Invotex as the policy trustee $2 million plus nearly $1 million in interest that has accrued since 2004. The net proceeds of the First Penn policy will be allocated among the policy investors.

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