Close Close

Life Health > Life Insurance > Life Settlements

Texas Court Enjoins Settlement Firm

Your article was successfully shared with the contacts you provided.

A Texas district judge has ordered a temporary injunction against National Life Settlements L.L.C. and placed the company under the permanent receivership of Janet Mortenson, an attorney in Houston.

Judge Scott Jenkins, a judge in the Travis County, Texas, state district court, issued a preliminary order Feb. 13 naming Mortenson temporary receiver and allowing the state to seize about $20 million in bank accounts of National Life Settlements, Houston.

The court acted on the request of Texas Securities Commissioner Denise Voigt Crawford and Texas Attorney General Greg Abbott, which charged National Life Settlements with selling fraudulent life settlements through unregistered brokers and agents.

The injunction prohibits the firm and its officers from selling or transferring any assets of the business or from deleting or moving any of its records.

The court plans to hold a hearing April 28 on regulators’ request for a permanent injunction.


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.