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Consumer Financial Protection Bureau Issues Warning about Structured Settlement Factoring Transactions

April 27, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Consumer Financial Protection Bureau Issues Warning about Structured Settlement Factoring Transactions

The federal Consumer Financial Protection Bureau has issued a “warning” to consumers about structured settlement factoring transactions. The CFPB – which has become more and more involved in seeking to regulate structured settlement factoring, including litigating in two currently-pending lawsuits against structured settlement factoring companies – this month issued the consumer warning about “What should […]

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Minnesota Court of Appeals Says State’s Strong Policy Against Champerty Means Litigation Funder Can’t Enforce Forum Selection Clause or Compel Parallel Lawsuit to Proceed in New York

April 20, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Minnesota Court of Appeals Says State’s Strong Policy Against Champerty Means Litigation Funder Can’t Enforce Forum Selection Clause or Compel Parallel Lawsuit to Proceed in New York

The principles at stake in Maslowski v. Prospect Funding, 890 N.W.2d 756, 2017 Minn. App. LEXIS 26 (Minn. App. Ct. Feb. 13, 2017), can be summed up as follows: A trial court does not abuse its discretion to refuse to enforce a contractual forum-selection clause where the court’s refusal was based on protecting Minnesota’s local […]

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Texas Publication Criticizes Litigation Funding’s ‘Incalculable’ Cost to Society: ‘It Used To Be A Crime. Now We Celebrate It?’

April 10, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Texas Publication Criticizes Litigation Funding’s ‘Incalculable’ Cost to Society: ‘It Used To Be A Crime. Now We Celebrate It?’

The headline sums it up: ‘It Used To Be A Crime.  Now We Celebrate It?”  That’s from the Southeast Texas Record, lamenting the arrival of a litigation funding company, and the erosion of proscriptions against champtery, in an opinion piece that is available in full here.  The writer says that, “[t]he hope of discouraging frivolous lawsuits, […]

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Oregon Appellate Court Enforces Contractual Anti-Assignment Provision to Preclude Structured Settlement Factoring Transaction

April 07, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Oregon Appellate Court Enforces Contractual Anti-Assignment Provision to Preclude Structured Settlement Factoring Transaction

An Oregon recently appellate court gave effect to a contractual anti-assignment provision to preclude a structured settlement factoring transaction. In Johnson v. J.G. Wentworth Originations, LLC, 284 Ore. App. 47, 2017 Ore. App. LEXIS 280  (Ore. Ct. App. Mar. 1, 2017), the Oregon Court of Appeals reversed a trial court’s decision to approve a transfer of […]

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Life Settlement Companies Among Those ‘Scrambling’ to Comply with New York’s New Complex Cybersecurity Reglations, Says Report

April 04, 2017  |   Posted by :   |   Life Settlements   |   Comments Off on Life Settlement Companies Among Those ‘Scrambling’ to Comply with New York’s New Complex Cybersecurity Reglations, Says Report

“Life settlement companies are scrambling to meet complicated cybersecurity rules imposed by a New York regulator,” reports The Deal in an article entitled “Market Players Scramble to Meet New York Cybersecurity Rules”. The article describes the New York State Department of Financial Services’ cybersecurity rules that went into effect March 1 and are aimed a […]

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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

April 03, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on 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 […]

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Champerty Still Valid Defense in Kentucky, So Litigation Funding Agreements Are Void, Says Court

March 31, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Champerty Still Valid Defense in Kentucky, So Litigation Funding Agreements Are Void, Says Court

A series of litigation funding agreements were champertous and therefore void under Kentucky law, a federal court has ruled. In Boling v. Prospect Funding Holdings, Civil Action No. 1:14-CV-0008-1-00081-GNS-HBB, 2017 U.S. Dist. LEXIS 48098 (W.D. Ky. Mar. 30, 2017), the federal district court reviewed the claims of an individual who had entered into a series […]

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Comments in Law Journal Article Make Connection Between Rule Against Private Investment in Law Firms, Need for Litigation Funders to ‘Tread Carefully’

March 27, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Comments in Law Journal Article Make Connection Between Rule Against Private Investment in Law Firms, Need for Litigation Funders to ‘Tread Carefully’

The New York Law Journal has reported that a federal appeals court this month “rejected an attempt to loosen restrictions on private investment in the legal industry, dismissing arguments that ethics rules on so-called fee splitting’ impinge on lawyers’ First Amendment rights.” In the article, headlined Second Circuit Upholds Ban on Private Investment in Law Firms, […]

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National Law Journal Reports on Why Litigation Funding Business Chose Not to Oppose Legislation Requiring Disclosure in Class Actions

March 18, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on National Law Journal Reports on Why Litigation Funding Business Chose Not to Oppose Legislation Requiring Disclosure in Class Actions

A bill approved this week by the House of Representatives would require class action attorneys to disclose to federal courts the fact that a third-party litigation funding company is providing monies for the lawsuit. It’s a bill that has not drawn much, if any, opposition from the litigation funding industry, which has opposed other disclosure […]

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In Latest Opinion in Long-Running Series of Lawsuits Over Stranger-Originated Annuity Transactions, Rhode Island Court Grants Insurers’ Request for Restitution

March 16, 2017  |   Posted by :   |   Annuities   |   Comments Off on In Latest Opinion in Long-Running Series of Lawsuits Over Stranger-Originated Annuity Transactions, Rhode Island Court Grants Insurers’ Request for Restitution

For years, the story of Joseph Caramadre’s stranger-originated annuity transactions have been told and re-told in lawsuits in Rhode Island state courts and federal courts in the First Circuit. In fact, the latest opinion in such a lawsuit starts with this Rhode Island federal court Chief Judge William E. Smith saying that “Joseph Caramadre’s stranger-initiated […]

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