Life Partners Wins in Texas Hearing
The parent of Life Partners, Life Partners Holdings (NASDAQ: LPHI) said on Monday after the market close that a Texas district judge has refused to grant state officials the right to block Life Partners' business. The judge's order will allow the company to continue to conduct its business operations pending a temporary injunction hearing which is set for August 30.
The Texas Attorney General, acting for the State Securities Board, had filed suit against Life Partners and its Chairman and President, Brian Pardo, and its General Counsel, Scott Peden.
The suit alleged that the company's life settlements are securities under Texas law and that the company had made misrepresentations in its sale of life settlements.
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