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Securities and Exchange Commission v. Life Partners, Inc.

United States Court of Appeals for the District of Columbia Circuit
87 F.3d 536 (1996)


Life Partners, Inc. (defendant) operates a viatical settlement in which investors purchase an interest in the life insurance policy of a person who is terminally ill. The settlement is paid out upon the death of said terminally ill person. Life Partners puts the settlements together, but is largely absent for the remainder of the investment. The Securities and Exchange Commission (plaintiff) brought suit against Life Partners, arguing that viatical settlements are securities and must comply with securities regulations. The district court ruled in favor of the SEC. Life Partners appealed to the Court of Appeals for the District of Columbia Circuit.

Rule of Law


Holding and Reasoning (Ginsburg, Circuit Judge)

Dissent (Wald, J.)

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