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.
| Answer Care Receiver Says Successful Trial Outcome Against First Penn-Pacific Will Benefit Investors |
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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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