Life Partners, Inc. v. Helen Z. McDermott

CourtCourt of Appeals of Texas
DecidedJune 23, 2014
Docket05-12-01623-CV
StatusPublished

This text of Life Partners, Inc. v. Helen Z. McDermott (Life Partners, Inc. v. Helen Z. McDermott) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Life Partners, Inc. v. Helen Z. McDermott, (Tex. Ct. App. 2014).

Opinion

Affirmed and Opinion Filed June 23, 2014

Court of Appeals S In The

Fifth District of Texas at Dallas No. 05-12-01623-CV

LIFE PARTNERS, INC., Appellant V. HELEN Z. MCDERMOTT, Appellee

On Appeal from the 191st Judicial District Court Dallas County, Texas Trial Court Cause No. 11-02966

MEMORANDUM OPINION Before Justices Bridges and Lang1 Opinion by Justice Bridges Life Partners, Inc. appeals the trial court’s order certifying the underlying action as a

class action. In four issues, Life Partners argues the trial court erred in (1) failing to conduct a

rigorous analysis to determine whether all prerequisites to certification were met; (2) failing to

consider the res judicata risks to the absent class members; (3) finding that Michael McDermott

and plaintiff’s counsel were adequate representatives of the class; and (4) finding that the

numerosity requirement was met. We affirm the trial court’s order.

In March 2011, Helen McDermott, individually and on behalf of all others similarly

situated, filed her original petition against Life Partners. The petition alleged Life Partners is 1 The Honorable Mary L. Murphy was on the panel and participated at the submission of this case. Due to her resignation from this Court on June 7, 2013, she did not participate in the issuance of this Opinion. See TEX. R. APP. P. 41.1(a), (b). “one of the oldest and most active companies in the United States engaged in the secondary

market for life insurance known generally as ‘life settlements.’” The petition defined a life

settlement as the sale of an existing life insurance policy by the policyholder (who is typically an

ill and/or elderly person) to another party. The price of the policy is negotiated and sold by the

policyholder at a discount to the face amount. By selling a life insurance policy, the policyholder

receives an immediate cash payment while the purchaser takes an ownership interest in the

policy at a discount to its face value and receives the full amount of the death benefit paid out

under the policy when the insured dies. A life settlement is often purchased by a group of

investors who each buy only a fractional interest in a given policy.

The original petition alleged that, when purchasing a life settlement, a purchaser agreed

to not only provide funds for a payment that would go to the policyholder but also to provide

additional funds for an escrow account that would be used by an escrow agent to maintain the

policy by paying premiums as required until the policy matured. An estimated maximum life

expectancy of the policyholder/insured was determined by Life Partners, and the purchaser

provided funds to be escrowed in the amount that would be required to pay insurance premiums

to maintain the policy for the full estimated maximum life expectancy. In the event the initial

escrow was depleted before the policy matured, the purchaser agreed to contribute additional

amounts to the escrow in order to maintain the policy. In the event the policy matured earlier

than the estimated maximum life expectancy, all unused amounts for premiums remaining in the

escrow account were to be returned to the purchaser. Under the terms of the purchase

agreement, Life Partners acted as the purchaser’s agent and attorney in fact with respect to the

escrow agent.

In January 2008, McDermott placed $12,500 in escrow for a .23% fractional interest in a

life settlement with Life Partners for a policy number ending in 7322L (the Gummelt policy). The life settlement transaction was “funded” on April 23, 2008. Life Partners represented that

the annual premiums for this policy were $392,397. According to Life Partners, the

policyholder’s maximum estimated life expectancy was five years. Thus, all of the purchasers

together provided $1,961,985 to be placed into escrow for the payment of premiums as needed to

maintain the policy. However, the policyholder died earlier than expected in June 2009. On July

8, 2009, R. Scott Peden, Life Partners’ president, sent a letter to the insurance carrier stating in

part “According to a recent audit on the premium history of the above-referenced policy [the

Gummelt policy] a scheduled premium of $374,250 was paid on December 11, 2008. This

payment would have been sufficient to carry the coverage through to December 2009. However,

one day prior, on December 10, 2008, a payment of $872,750 was also made on this policy. This

payment should not have been made and we request that it be refunded to us at your earliest

convenience.” The carrier did not refund the payment.

Because the policy matured earlier than the estimated maximum life expectancy, the

amount placed into escrow exceeded the cost of insurance, and McDermott’s share of this excess

was supposed to be returned to her. McDermott alleged Life Partners did not refund her full pro-

rata share of the amount she had placed in escrow for policy maintenance. Instead, she alleged

Life Partners asserted it had authorized additional “early” payments from the escrow account

over and above the amount necessary for policy maintenance, and the money in question was not

in the escrow account any longer. McDermott’s petition alleged Life Partners claimed it was

seeking to recoup these payments and acknowledged that McDermott would be entitled to her

pro-rata share of any such recovery from the insurance company.

On behalf of herself and all others similarly situated, McDermott asserted claims for

breach of contract, breach of fiduciary duty, and unjust enrichment. In a subsequent pleading, Michael McDermott, as attorney-in-fact, was substituted for McDermott as the putative class

representative. In June 2012, McDermott filed a motion to certify class.

In October 2012, Life Partners filed its response in opposition to the motion to certify the

class. Life Partners asserted every potential member of the putative class purchased interests in

life settlements separate from the Gummelt policy. Therefore, class adjudication could result in

the preclusion of claims based on the putative class members’ other purchases. Life Partners

argued the potential res judicata implications were “especially strong” because every member of

the putative class was also a member of at least one other putative class action currently pending

against Life Partners. In addition, Life Partners argued Michael McDermott was not an adequate

class representative because he lacked sufficient knowledge of the facts and claims in the suit,

and he had a “readily discernible conflict of interest with the class” based upon his personal

motivation to pursue the claims in this action regardless of the potential ramifications to class

members and the res judicata implications of such claims. Life Partners argued “it may be

inferred that what is motivating Mr. McDermott to serve as the lead Plaintiff in this case is not an

altruistic desire to look out for the best interests of the other putative class members to obtain

their share of a potential $64,000 damage award, but a desire to see Life Partners harmed through

the instant litigation.”

As to class counsel Jim Orr, Life Partners asserted he was not adequate because he was

pursuing this class action without regard to the res judicata risks for the absent class members.

Life Partners argued Orr had a conflict of interest in pursuing multiple class actions against Life

Partners, without regard to the best interests of the respective class members in each action.

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