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Coventry Capital is a significant player in the secondary market for life insurance in the US.
In April 2017 Coventry signed an agreement with EEA’s USA subsidiary EEA Life Settlements Inc to purchase all the remaining life policies in the Guernsey based EEA Life Settlements Fund, for an amount of $200-204m, subject to the finalisation of due diligence and other details.
In September 2017 Coventry filed a Complaint in the Southern District of New York US Federal Court.
This complaint alleged (amongst other things) that EEA had failed to negotiate in good faith, effectively preventing the completion of the sale agreement. The complaint also included allegations that the EEA portfolio included some “worthless policies” and that EEA had attempted to retain some of the policies for the benefit of Continuing shareholders (only).
In November 2017 EEA filed an Initial Response to Coventry’s Complaint. Coventry then filed a Rebuttal to EEA’s Response. Lawyers for Coventry (Williams & Connolly) and EEA (Alston & Bird) are currently exchanging further letters through the Court on various matters related to the Complaint and the EEA Defendants concerned. EEA is seeking permission to submit a “Motion to Dismiss” the Coventry complaint. You can view or download the Case History Summary
The EEA Investors’ Group has raised several questions, comments and concerns with EEA, the Guernsey Financial Services Commission (GFSC) and Coventry’s lawyers, including :
- 2nd October 2017 Letters to EEA and GFSC plus EEA’s Response and Our reply
- 12th December 2017 Letter to Williams & Connolly
- 23rd December 2017 Letter to EEA plus EEA’s Response and (Annotated) Follow-on.
- January 2018 – Discovery Order , email to Williams & Connolly and (Annotated) EEA Notice
We will continue to monitor and comment on this very important and significant matter.
Please Contact Us if you wish to discuss this situation in more detail.