RICO Class Action Lawsuit filed against Life Partners on behalf of Life Settlement Investors
A class action lawsuit has been filed against Life Partners Holdings INC. on behalf of investors in its life settlement securities. The class action lawsuit alleges that Life Partners violated the federal RICO (Racketeering Influenced and Corrupt Organizations) act and various state laws by misleading Life Partners Life Settlements investors about the value of their policies.
Life Partners Life Expectancy Data Questioned by Class Action Lawsuit
The lawsuit claims that the data used by Life Partners to determine the life expectancy of the holders of the life insurance policies that it sold to investors was inaccurate. This led to the value of Life Partners life settlements and viaticals to be significantly overstated. The lawsuit specifically questions the actuarial methods of Dr. Donald Cassidy, the underwriter of Life Partners life settlements life expectancy data.
The class action lawsuit against Life Partners states that Life Partners had more accurate information about the life expectancy data of their life settlement investments but "instead kept it secret and continued to use [Dr. Donald] Cassidy's fraudulently shortened life expectancy estimates in order to sell its policies at grossly inflated prices."
Although class action lawsuits have already been filed against Life Partners on behalf of shareholders, this is the first class action lawsuit that has been filed against Life Partners on behalf of Life Settlement and Viatical investors.
The initial plaintiffs of the class action lawsuit against Life Partners are Peggy Beverage of Perris, Calif., trustee of the Ralph E. Hanken Living Trust, and William and Mary Rice of Illinois. However, the Life Partners Lawsuit Center is currently looking for more investors to join the class action lawsuit against Life Partners.
Click here to learn more about joining the Life Settlement Investor Class Action filed against Life Partners.
Life Partners Holdings INC. is a Waco, Texas based company that specializes in the sale of life settlement (also known as viaticals) investments. Life Settlements are life insurance policies that are purchased from the original policyholder by an investor. The original policyholder receives a lump cash sum from the investor, while the investor receives any death benefits that are paid out by the life insurance policy upon the passing of the original holder.
Have you purchased Life Settlements (Viaticals) from Life Partners Holdings?
If you have purchased Life Settlements from Life Partners, you may be able to join the class action lawsuit and receive financial compensation. Complete the form on this page, or call 1-800-934-2921 to find out if you have a case.
To learn more about the Life Partners Life Settlement and Viatical investor lawsuit, click here.