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An appellate court in Arizona, affirming a trial court’s decision, has ruled that investors may not obtain a constructive trust on life insurance proceeds paid to “innocent” beneficiaries even if the insured had acquired the policies with funds wrongfully obtained from the investors through a pattern of unlawful activity under Arizona’s racketeering law. The appellate court held that a provision in Arizona’s racketeering law protecting innocent third parties barred such a constructive trust.

The Case

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