APAs Affirm Trustee’s Ability To Sell Life Insurance Policies In Their Entirety

Mealey's (May 25, 2021, 1:19 PM EDT) -- FORT LAUDERDALE, Fla. — A federal magistrate judge in Florida on May 22 held that asset purchase agreements (APA) affirm rather than preclude a trustee's ability to sell policies retained by investors in their entirety, including those policies in which an investor has purchased fractional interests, further finding that a 2015 agreement between the trustee and an investor does not confer upon the investor the right to “last look” and does require liquidation of the trust's policies on a policy to policy basis, recommending that the trustee’s motion for an order of instructions be granted in a Securities Exchange Commission lawsuit alleging fraudulent selling of investment interests in life insurance policies....