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Court Questions Rationale, Rejects Settlement Factoring Transaction

March 02, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Court Questions Rationale, Rejects Settlement Factoring Transaction

In August, 2016, a Tioga County, New York court approved a transfer of structured settlement payment rights from a payee, Gusta Manuel, to a factoring company.  Among the reasons that were offered for that transaction was that the payee wanted to use at least some of the proceeds of the transaction for his newborn son. Six […]

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J.G. Wentworth Cites New Opinion to Argue CFPB Lacks Authority

February 28, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on J.G. Wentworth Cites New Opinion to Argue CFPB Lacks Authority

As described in previous Secondary Insurance Market Blog posts (such as those here, here and here), the Consumer Financial Protection Bureau has sought to investigate structured settlement factoring company J.G. Wentworth, which argued that the CFPB lacked authority to conduct such an investigation. In the lawsuit brought by the CFPB to enforce its investigation, J.G. Wentworth […]

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Report: Litigation Funding Is One Reason for Increasing Costs of Australian Insurance Claims

February 27, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Report: Litigation Funding Is One Reason for Increasing Costs of Australian Insurance Claims

A.M. Best last week posted an interview with Laura Coppola, North American head of management liability for Allianz Global Corporate & Specialty.  In the interview available on A.M Best’s “BestTV” (available here), she said that one reason for increased commercial claims in Australia is the backing of litigation funding companies.  Said Coppola: “One of the culprits that we’ve seen […]

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Legislation Would Require Disclosure of Litigation Funders in Class Action Matters

February 25, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Legislation Would Require Disclosure of Litigation Funders in Class Action Matters

Earlier this month, a bill entitled the Fairness in Class Action Litigation Act of 2017 (H.R. 985) was introduced in Congress.  The bill is aimed at reforming federal class actions in many ways.  One of those ways would require that class counsel disclose third-party litigation funding. The [Fairness in Class Action Litigation] Act would require class counsel to promptly […]

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In Structured Settlement Factoring Proceedings, Ohio Court Rule Requires Same Level of Financial Information As Required in Bankruptcy Matters

February 21, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on In Structured Settlement Factoring Proceedings, Ohio Court Rule Requires Same Level of Financial Information As Required in Bankruptcy Matters

The Probate Division of the Warren County, Ohio, Common Pleas Court has a set of rules that govern proceedings before the court’s judges.  The rules address case management, fees, bonds, and a lot of other issues.  There are also rules for approval of actions by structured settlements.  And there are rules that govern proposed transfers […]

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Pennsylvania Court Determines That Federal Workers’ Compensation Statute Prohibits Assignment of Structured Settlement Payments

February 02, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Pennsylvania Court Determines That Federal Workers’ Compensation Statute Prohibits Assignment of Structured Settlement Payments

Do workers’ compensation laws prohibit secondary market transactions involving structured settlement payments?  Where the structured settlement resolved a workers’ compensation matter, the general rule is that such transactions would contravene the prohibition against assignment of compensation that appear in the vast majority of state workers’ compensation laws. Factoring companies sometimes argue that there are exceptions to the general […]

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Federal Court Decides That Litigation Funders Can ‘Stay In The Shadows’

January 29, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Federal Court Decides That Litigation Funders Can ‘Stay In The Shadows’

Litigation funding companies “can continue their work almost entirely in secret” in the United States District Court for the Northern District of California, which this week “rejected a proposed rule change that would have required attorneys to disclose when their cases receive backing from third parties,” the San Francisco Chronicle reported yesterday. The court had considered […]

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Litigation Funding Arrangement Gave Company Too Much Control, Violated North Carolina’s Public Policy Against Champerty, Says Court

January 26, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Litigation Funding Arrangement Gave Company Too Much Control, Violated North Carolina’s Public Policy Against Champerty, Says Court

A federal court judge last week refused to approve a litigation financing arrangement because it was champertous. The court in In Re DesignLine Corp., Case No. 13-31943/Case No. 13-91944, 2017 Bankr. LEXIS 182 (Bankr. W.D.N.C. Jan. 20, 2017), said that a bankruptcy trustee’s arrangement with a litigation funding company violated North Carolina’s public policy against […]

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Investment in Viatical Deal Leads to Lawsuit Lifespans Last Longer Than Expected

January 26, 2017  |   Posted by :   |   Life Settlements   |   Comments Off on Investment in Viatical Deal Leads to Lawsuit Lifespans Last Longer Than Expected

A dispute over an investment in viaticals will be litigated in New York, rather than California, a federal court decided last week. And in deciding to transfer the matter to the federal court for the Southern District of New York, the court in Amberger v. Legacy Capital Corp., Case No. 16-cv-05622-JSC, 2017 U.S. Dist. LEXIS 8392 […]

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One of Two Counts Survive Motion to Dismiss by Finance Company, in Litigation Over Invalidated Structured Settlement Factoring Transfer

January 14, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on One of Two Counts Survive Motion to Dismiss by Finance Company, in Litigation Over Invalidated Structured Settlement Factoring Transfer

In November, a federal court pointed out that “[a]s a caution to those investing in these [structured settlement factoring transactions], a court can later vacate the sale of the . . . payments when the underlying plaintiff selling his . . . payments lacked authority to sell . . . leaving the eventual investors without the […]

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