PEOPLE v. COVENTRY FIRST LLC


13 N.Y.3d 108 (2009)

THE PEOPLE OF THE STATE OF NEW YORK, by ANDREW M. CUOMO, Attorney General of the State of New York, Respondent, v. COVENTRY FIRST LLC et al., Appellants.

Court of Appeals of New York.

Decided June 30, 2009.


Attorney(s) appearing for the Case

Williams & Connolly LLP (John G. Kester and Dane H. Butswinkas, of the District of Columbia bar, admitted pro hac vice, of counsel), Pillsbury Winthrop Shaw Pittman, LLP, New York City (E. Leo Milonas and Mark R. Hellerer of counsel), and Patterson Belknap Webb & Tyler LLP (Stephen P. Younger and Peter C. Harvey of counsel), for appellants.

Andrew M. Cuomo, Attorney General, New York City (Benjamin N. Gutman, Barbara D. Underwood and Cecelia C. Chang of counsel), for respondent.

Judges CIPARICK, GRAFFEO, READ, SMITH and JONES concur; Chief Judge LIPPMAN taking no part.


OPINION OF THE COURT

PIGOTT, J.

In recent years, an industry has developed in the United States in which investors, known as life settlement providers, buy life insurance policies from policy owners for cash, ultimately receiving the benefits of the policies when the insureds die. An example will illustrate the type of transaction involved. A company that holds a policy insuring the life of an executive who...

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