Business NewsLegal Notices

Life Brokerage Partners, LLC Removed From AXA Equitable Lawsuit

2008-07-25 11:24:00

Life Brokerage Partners, LLC Removed From AXA Equitable Lawsuit

    OLDSMAR, Fla., July 25 /EMWNews/ -- On Friday, July 18, 2008, AXA

Equitable, through its attorneys, filed an Amended Complaint in the

Southern District of Florida Federal Court removing all allegations against

Life Brokerage Partners, LLC ("LBP"). The result of AXA's Amended Complaint

is that LBP is no longer a party to and has no involvement in the lawsuit.

"We are pleased with AXA's decision to remove Life Brokerage Partners from

the lawsuit. AXA understands that LBP had no involvement in the policies

AXA has challenged in the suit and that pursuing groundless allegations

against LBP would serve no legitimate purpose. LBP faithfully adheres to

all of its legal and ethical duties and responsibilities to its insurance

clients and the companies with whom LBP works," stated Ravi Malick,

President of Life Brokerage Partners, LLC.



    The removal of LBP from this lawsuit confirms that it does not promote,

broker, or process Stranger Originated Life Insurance (STOLI) or Investor

Owned Life Insurance (IOLI) transactions. LBP will not do business with or

process any business for any licensed agent LBP believes is conducting or

party to these types of transactions. LBP will continue to remain aligned

with the pervasive industry stance on STOLI/IOLI, and will process only

carrier approved premium finance and traditional non-premium finance life

insurance products. Mr. Malick stated, "We believe that STOLI/IOLI

transactions are bad for the industry and will not associate with it."



    For additional inquiries, please contact Richard C. Millian, General

Counsel, Life Brokerage Partners, LLC, (813) 792-6100





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