Steven Shapiro, Q Capital’s President and CEO, will be speaking at the International Life Settlement Conference in London on May 12. The conference takes place on May 11 and 12 at the Marriott Hotel, Grosvenor Sqaure in central London. Mr. Shapiro will be participating in a panel discussion on the topic of “Bank Foreclosures: A Discussion of the Foreclosure Process & Sale.” The panelist will discuss the process involved in situations where banks take over a portfolio either through the foreclosure process or otherwise and where that leaves the portfolio investors. Mr. Shapiro said, “given the current state of the life settlement market, this is an extremely timely topic to discuss.”
Q Capital’s President and CEO to Present at the International Life Settlement Conference
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Judge Upholds Jury’s $5M Verdict Against AXA in Life Settlement Case
A federal judge upheld a $5 million verdict against AXA Equitable Life Insurance Co. yesterday in favor of Peachtree Life Settlements and its assignee Settlement Funding. In his decision, Judge Harold Baer Jr. of the U.S. District Court in Manhattan declined to overrule the jury’s finding.
On Oct. 25, a jury said that AXA must pay a $5 million death benefit on Esther Adler that the insurer claimed lacked insurable interest and was purchased fraudulently.
The judge said that the jury heard that Settlement Funding had relied on AXA’s statements that the policy’s contestability period had expired. He also said that Settlement Funding had relied on documents from AXA saying that the trust owned the policy and it was enforceable and beyond contestability.
“All of this evidence supports the jury’s finding that the Policy – and the incontestability clause – was valid and enforceable and that SF had committed no wrong in connection with the purchase, sale, repurchase or assignment of the Policy,” the decision said.
“I think the judge got it right,” said Jesus Cuza, an attorney with the law firm Greenberg Traurig in Fort Lauderdale, Fla., who represented Peachtree.
“As a matter of law, the policy was beyond the two-year contestability period and the jury found that Settlement Funding and its affiliates acted in accordance with the representations made by AXA,” he said.
Jule Rousseau, an attorney with Arent Fox in New York, said in an email that despite fraud at the inception, the provider wins since AXA provided a verification-of-coverage document.
“If you have a clean settlement, you don’t have to worry about fraud in inception. The unknown fraud is a huge concern for providers and tertiary buyers. Here, they collect since they had no involvement or knowledge,” he said.
He said the decision probably will seem surprising to many others, as well as the carrier, who might have assumed that the fraud would kill the policy.
Source: http://lifesettlements.dealflow.com/wires/article.cfm?title=Judge-Upholds-Jurys-5M-Verdict-Against-AXA-Peachtree-Case&id=hsqcfbrpuhvievh
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Q Capital’s President and CEO Speaks at BVZL Summit 2011 in Munich, Germany
Steven Shapiro, Q Capital’s President and CEO, recently was invited to speak at the BVZL’s Summit 2011. The conference was held on March 28 and 29 in Munich, Germany and focused on the international secondary markets for life insurance. Mr. Shapiro participated in an investor roundtable discussion on the topic of “Lessons Learned and Future Strategy.” The BVZL is the leading secondary life insurance markets trade asociation in Europe, focused on developing standards for transparency and comparability for investors in this asset class. Q Capital is a member of the BVZL.
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Q Capital’s Steven Shapiro To Speak at LISA Fall Conference
Q Capital Strategies’ President and CEO, Steven Shapiro, will be speaking on a panel at the 16th Annual Life Insurance Settlement Association (LISA) Fall Conference in Miami. The conference runs from November 10-12. Mr. Shapiro will be speaking on the topic “The Changing Investor Landscape: From Death Bonds to Congress and Beyond” on November 12th at 9:45am. The panel will discuss the issues related to the changing profile of the investors in the life settlement asset class over the years, particularly in recent months as more large institutional investors are looking for ways to increase investment yields without increasing risk profiles. “We have seen stories all over the news in recent months about large institutional investors – whether it be private equity firms or pension funds – looking for opportunities in the life settlement asset class,” said Shapiro. He added, “in today’s challenging marketplace, it is important to take stock of where we are, where we have been, and where we need to go for the industry to thrive and grow beyond anything we have previously seen.” More than 200 attendees are expected to turn out and learn about the latest trends in the life settlement marketplace.
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