Lifemark in $10m US Court of Appeal row

The row is over a $10m US traded life-settlement policy - the asset class which underlies the Lifemark fund - bought by the company in 2007 for $1.9m. American attorney Arthur Kramer bought several policies late in his life, assigned them to two trusts, named his children as beneficiaries and then directed them to sell their interest in the trusts to investors for cash. Following his death, Kramer's widow Alice is claiming the death benefits should go to the estate, not Lifemark investors. Investors who filed claims with the insurers have been told the policies are void. The...