Reuters: Global Markets: Life Partners Holdings' shares soar after favorable Texas ruling

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Life Partners Holdings' shares soar after favorable Texas ruling Sep 26th 2012, 14:16 Wed Sep 26, 2012 10:16am EDT (Reuters) - Life Partners Holdings Inc (LPHI.O) said a Texas judge ruled in favor of the company, saying the life settlement transactions it facilitates are not securities under Texas law, sending its shares up as much as 80 percent. The stock was trading at $2.64 on Wednesday morning and was the top percentage gainer on the Nasdaq. The company, which has been accused of accounting fraud by the U.S. Securities and Exchange Commission, was served a lawsuit by the Texas Attorney General Greg Abbott in August. The suit had 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. The court ruling denied all relief sought by the Texas Attorney General and permits Life Partners to pay the $0.10 per share dividend it declared earlier this month. 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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