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In Lawsuit Over Settlement Payment Transaction – Approved by a Court Order that Was Later Invalidated for Fraud – Court Says Financial Advisors Breached Contract

The latest ruling in the litigation over an invalidated court order – that approved a transfer of structured settlement payment rights, but later was found to be void due to fraud – is a win for the re-assignee investors, and a loss for their financial advisors.

The court in Wall v. Altium found that the advisors breached their contract with Robert and Linda Wall, who had invested in a transfer of structured settlement payment rights.

Unfortunately for the Walls, the transfer was based on a fraud, and the court order that approved the transfer (pursuant to the requirements of the Florida Structured Settlement Protection Act) was later vacated, since it was based on forged documents.

In its latest ruling, the federal court for the Western District of Pennsylvania found that Altium Group, LLC, breached the contract with the Walls when the Walls failed to receive the payments.

The court ordered Altium Group to return more than $150,000 to the Walls.

The full opinion is available here.

Previous Secondary Insurance Market Blog posts on the Wall v. Altium (and, previously, Wall v. Corona Capital) litigation are available here and here.

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