Aug. 19, 2012 -
PRLog -- Ohio National Assurance Corporation dismissed its lawsuit against Douglas Davis for alleged insurance fraud on the eve of trial. Ohio National brought suit against Douglas Davis claiming that his actions as a trustee for several African American seniors who obtained insurance policies constituted insurance fraud. Mr. Davis assisted those seniors with the attainment of insurance policies which were subsequently sold as life settlements. The process of obtaining life insurance policies to be used as an estate planning tool is a process that has been utilized by wealthy non-minority seniors for quite some time. However, when Mr. Davis, as a trustee, implemented this process on behalf of middle class African American seniors, Ohio National filed a suit in attempt to dissuade others from following this process. The life settlement process implemented by Douglas Davis, has been ruled by courts to be legal. Thus, on the eve of trial, when it was time for Ohio National to actually prove its allegations against Mr. Davis, Ohio National chose to dismiss its case.
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