The PHT is unable to distribute the proceeds of Policy 23150 at this time, due to a lawsuit filed by the insured’s family in Florida. This policy is a Federal Employees’ Group Life Insurance (FEGLI) policy that Life Partners purchased in 2002. At the time that it purchased the policy, the insured assigned the policy to Life Partners in accordance with FEGLI’s regulations. After the insured died, the insured’s family made numerous claims to the proceeds of the policy – all of which were denied by the plan administrator. The family has now filed suit against the plan administrator and the PHT to recover the proceeds of the policy.
We will vigorously fight this lawsuit on behalf of the investors and we’re optimistic that we will prevail. As events warrant, we will post updates regarding the case on the website, so please do not contact the Trustee’s office — or Magna Servicing — for further information regarding this lawsuit or when the proceeds of Policy 23150 will be distributed. All of the information that we can provide to you will be provided through the website and/or the newsletter.