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
Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89
Get Unlimited Organic Website Traffic to your Website
TheNFG.com now offers Organic Lead Generation & Traffic Solutions