Plaintiffs To Revamp Life Settlement Suit

Ritchie Capital Management L.L.C. and other plaintiffs have agreed to drop a suit against a life settlement company.

Ritchie Capital, Lisle, Ill., is voluntarily dismissing the suit, against Coventry First L.L.C., Fort Washington, Pa., but the company and its partners intend to re-file the suit “in an appropriate court in the near future,” the company says.

Ritchie Capital has accused Coventry of breach of contract and fraud, and of costing its investors “hundreds of millions of dollars.”

“Coventry First and its principals put their own financial interests first and the elderly and our investors last,” Chief Executive Thane Ritchie says.

Ritchie Capital and the firm’s partners first filed a suit against Coventry in May 2007.