Life Partners Holdings Inc. (LPHI), parent company of Life Partners, Inc., announced today that Travis County District Judge Stephen Yelenosky ruled that the life settlement transactions that it facilitates are not securities under Texas law.
Although subject to appeal, the ruling effectively ends the Texas Attorney General's suit against Life Partners, which had asserted that the 21-year-old company's life settlement transactions were securities under Texas law.
In making its ruling, the Court denied all relief sought by Texas Attorney General Greg Abbott which includes an end to a temporary restraining order which will permit Life Partners to pay the $0.10 dividend it had previously declared to shareholders of record as of September 3, 2012.
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