Reuters: Regulatory News: Life Partners Holdings gets relief in Texas ruling

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Life Partners Holdings gets relief in Texas ruling Aug 20th 2012, 21:22 Mon Aug 20, 2012 5:22pm EDT Aug 20 (Reuters) - Life settlement company Life Partners Holdings Inc said that a Texas district judge refused to grant state officials the right to block the company from doing business or appoint a receiver. The company, which has been accused of accounting fraud by the U.S. Securities and Exchange Commission, had said on Thursday that the Texas Attorney General had filed a lawsuit against the company and two of its directors. The suit sought a temporary restraining order preventing the company from doing business and the appointment of a receiver based on allegations that Life Partners made misrepresentations in the sale of life settlements in the state. Shares of the company, which fell 33 percent to touch an almost 10-year low earlier on Monday, closed at $1.31 on the Nasdaq. The district judge's order allows Life Partners to continue its business as usual pending a temporary injunction hearing, set for August 30. Life settlement companies such as Life Partners buy insurance policies from people for a fraction of their value and continue to pay premiums, betting that they will eventually make a profit when the seller dies. The profit decreases if the person lives longer than expected.

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