“Texas Jury Finds Life Partners Founder Committed Fraud”
A Texas jury said Life Partners Inc. founder Brian Pardo committed fraud while running the life-settlements firm before its collapse, awarding more than $65 million in damages that could flow to some of its customers.
Mr. Pardo, who founded the company in 1991, resigned during the chapter 11 cases. The damages in the recent jury award were against Mr. Pardo, his family members and companies under their control. Dallas lawyer Jennifer Ecklund, who represented Life Partners customers, said the jury award marked the first time since the start of the company’s long-running legal battles that customers “had the opportunity to see the management of Life Partners held accountable.” Many of Life Partners’ customers are older and had little expertise in the life-settlement industry.
“There was never an opportunity for investors to obtain justice for misrepresentations that were made to them,” she said.