WASHINGTON, DC (May 11, 2015) – The following is a statement from William Beatty, President of the North American Securities Administrators Association (NASAA) and Washington Securities Director, on the May 8, 2015  decision by the Texas Supreme Court in Life Partners v. Arnold. On December 12, 2014 NASAA filed an amicus brief with the court, arguing life settlements are securities under an investment contract analysis. NASAA’s brief is available here.

“NASAA appreciates that the Texas Supreme Court agrees with state securities regulators that the life settlement contacts and viaticals, at issue in Life Partners v. Arnold satisfy the definition of an investment contact under the Texas Securities Act, making them securities subject to the Texas Securities Act. For more than a decade, state securities regulators have seen widespread abuses involved in the marketing and sale of viaticals and life settlement contracts, which have been the focus of numerous state enforcement actions. The court’s ruling is a victory for investor protection not only in Texas but throughout the United States as well.”

For More Information:
Bob Webster | Director of Communications
202-737-0900





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