Coventry Prevails In Ritchie Litigation

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Oct 21, 2014, 06:09 ET

FORT WASHINGTON, Pa., Oct. 21, 2014 /PRNewswire/ -- On October 20th, the court rejected Ritchie's claims against Coventry First and its affiliates in their entirety. In its ruling, the court stated, "having reviewed all the evidence and submissions, and having made evaluations of the credibility of the witnesses," Coventry First's affiliate LST I LLC complied with its contractual obligations. The court's ruling thereby brings to a close Ritchie's efforts to pursue claims against Coventry First and its affiliates.

Daniel Passage, an attorney with the Winston & Strawn law firm in Los Angeles, said he expected the court would rule the way it did. "Nothing in it is a surprise," Passage said. "The order is entirely consistent with the facts of the case as presented by Coventry and their counsel (including me) for years now."

"I am proud of our company and our employees," said Alan Buerger, CEO of Coventry First. "We have provided consumers in excess of $3 billion more than they would have received from their insurance companies upon a lapse or surrender of their policies."

About Coventry

Coventry created the secondary market for life insurance in the U.S. By uniquely bridging insurance and capital markets, the company pioneered the life settlement industry and opened a new class of longevity-based assets for institutional investors worldwide. Today, Coventry is a global financial services firm leading the development of a robust longevity market. www.coventry.com

Contact

Lesley Aronchick
Coventry
877-836-8300
[email protected]

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SOURCE Coventry