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Anomalous: One Way to Describe Kentucky Intermediate Appellate Court’s 2-1 Opinion in Structured Settlement Protection Act Case

June 21, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Anomalous: One Way to Describe Kentucky Intermediate Appellate Court’s 2-1 Opinion in Structured Settlement Protection Act Case

  “Anomalous” is, according to the Dictionary.com, an adjective that has several meanings.  One “deviating from or inconsistent with the common order, form, or rule; irregular; abnormal.”  A second definition is “not fitting into a common or familiar type, classification, or pattern; unusual.”  And a third is “incongruous or inconsistent.” An opinion released by the Kentucky […]

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Illinois Offers No Guarantee That It Will Make Lottery Payments, Says Chicagoan in News Story on State’s Budget Woes

June 19, 2017  |   Posted by :   |   Lottery   |   Comments Off on Illinois Offers No Guarantee That It Will Make Lottery Payments, Says Chicagoan in News Story on State’s Budget Woes

“Powerball was the only thing that I would buy, because I knew that it would pay out,” said Anthony Martinez, who lives in the Logan Square neighborhood. “With the Illinois budget crisis, it’s not a guarantee that Illinois’ going to actually pay out on your lottery winnings.” That person-on-the-street comment appeared in an article headlined, “Powerball, […]

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Selling Future Structured Settlement Payments For Less Than Half The Present Value Is Not ‘Fair and Reasonable’, Says New York Court

June 17, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Selling Future Structured Settlement Payments For Less Than Half The Present Value Is Not ‘Fair and Reasonable’, Says New York Court

The proposed sale would involve an exchange of future structured settlement payments with a face value of $90,951 and a discounted present value of $71,729 – and a proposed purchase price of $32,652. That was enough for the court to reject the sale. The proposed purchase price “is less than half of the discount[ed] present value, […]

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Litigation Funding Rule Change May Take A While

June 16, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Litigation Funding Rule Change May Take A While

Don’t hold your breath. That’s one way to summarize the National Law Journal’s summary of the U.S. Chamber of Commerce’s long-term plan to try to rein-in litigation funding via a change to the Federal Rules of Civil Procedure. The piece, entitled Lit Funding Opponents Play Long Game in Bid for Transparency, points out that the […]

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A Primer on Champerty and Lawsuit Funding – and Impact on Insurers – Is Part of Report On U.S. Chamber’s Support for Federal Rule Change

June 15, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on A Primer on Champerty and Lawsuit Funding – and Impact on Insurers – Is Part of Report On U.S. Chamber’s Support for Federal Rule Change

What’s champerty?  How does it relate to litigation funding? And why should it matter to the insurance industry? These are a few questions addressed this month in a short but pithy piece in the National Law Review, “U.S. Chamber Seeks New Federal Rule Requiring Disclosure Of Third-Party Litigation Funding Arrangements” (available here). As for the […]

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Add Oregon to List of States Enforcing Insurers’ Contract Rights under Structured Settlement Agreements

June 01, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Add Oregon to List of States Enforcing Insurers’ Contract Rights under Structured Settlement Agreements

As described in this post, the Oregon Courts of Appeals in Johnson v. J.G. Wentworth Originations, LLC, 284 Ore. App. 47, 2017 Ore. App. LEXIS 280  (Ore. Ct. App. Mar. 1, 2017), earlier this year upheld the rights of a structured settlement obligor and annuity issuer to enforce a contractual anti-assignment provision and thereby preclude a proposed structured settlement factoring […]

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Court Rules Against Pension Factoring Company That Challenged Consumer Financial Protection Bureau’s Authority, Investigation

May 30, 2017  |   Posted by :   |   Annuities,Pension Factoring,Structured Settlements   |   Comments Off on Court Rules Against Pension Factoring Company That Challenged Consumer Financial Protection Bureau’s Authority, Investigation

A federal court has upheld the constitutionality of the Consumer Financial Protection Board’s structure, and further found that the CFPB’s investigation into a pension factoring company’s business practices was neither overboard nor outside the CFPB’s jurisdiction. In Consumer Fin. Prot. Bureau v. Future Income Payments, LLC, Case No. SACV 17-00303-JLS ((SSx), 2017 U.S. Dist. LEXIS […]

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Forbes Reports That Litigation Finance Company Faces Lawsuit By Former Customers Over Allegations of Too-High Interest Rates

May 24, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Forbes Reports That Litigation Finance Company Faces Lawsuit By Former Customers Over Allegations of Too-High Interest Rates

  Forbes this month reports that a litigation finance company has been sued by former customers, who have alleged that the company charged usurious interest rates.  Says reported John O’Brien in the May 9 article, Customers Sue Legal Finance Company, Allege Interest Rates Over 100%: Six individuals who did business with Oasis [Legal Finance] are suing […]

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Latest Development in Lawsuit Over Invalidated Settlement Factoring Order: Court Awards Fees to Re-Assignees

May 17, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Latest Development in Lawsuit Over Invalidated Settlement Factoring Order: Court Awards Fees to Re-Assignees

The Wall v. Altium litigation’s latest development is another win for the Walls, the re-assignee investors who did not receive the settlement payments that they thought they had purchased because the order approving the sale was later deemed to be void. In a May 10, 2017, opinion, the federal court for the Western District of […]

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SEC, Life Settlements Company Settle Claims Over Ponzi-Style Scheme

May 11, 2017  |   Posted by :   |   Life Settlements   |   Comments Off on SEC, Life Settlements Company Settle Claims Over Ponzi-Style Scheme

The Securities and Exchange Commission this month announced that it had reached a settlement with Verto Capital Management and one of its officers over charges that the company “used new investor money to repay earlier investors in Ponzi-like fashion and tapped investor funds for the CEO’s personal use”, according to a press release from the SEC. […]

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