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Will 19-Year-Old, Employed in Cannabis Business, Use Factoring Proceeds to Buy Land? Unclear, Says Judge in Rejecting Transaction

August 18, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Will 19-Year-Old, Employed in Cannabis Business, Use Factoring Proceeds to Buy Land? Unclear, Says Judge in Rejecting Transaction

The reason that a 19-year-old California man gave for seeking to sell more than $900,000 in future structured settlement payments – in exchange for a present sum of about $186,000 – was that the proceeds of the sale would be used “for his best interest, such as Purchase Land.” That was not sufficient for the court to give […]

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Vermont Supreme Court Says Judges Must Consider ‘All’ Best Interest Factors in Structured Settlement Protection Act Proceedings

July 30, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Vermont Supreme Court Says Judges Must Consider ‘All’ Best Interest Factors in Structured Settlement Protection Act Proceedings

The Vermont Structured Settlement Protection Act, like all of the 49 state structured settlement protection acts (SSPAs), says that a transfer of settlement payment rights is not effective unless it complies with statutory requirements, including the requirement that a judge approve the transfer. The Vermont SSPA also provides that a judge can approve a transfer […]

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In One of Several Lawsuits Against Factoring Company, Maryland Attorney General Weighs In on Proposed Settlement of Class Action

July 25, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on In One of Several Lawsuits Against Factoring Company, Maryland Attorney General Weighs In on Proposed Settlement of Class Action

The Maryland Attorney General’s office has sought to weigh in on a proposed settlement of a class action against factoring company Access Funding, with the AG saying that the structured settlement payees who make up the class should receive more compensation that the proposed deal calls for. That’s the gist of a Baltimore Sun report (Attorney […]

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Finding Violation of New York’s Champerty Laws, Federal Court Dismisses Fair Debt Collection Practices Act Lawsuit

July 19, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Finding Violation of New York’s Champerty Laws, Federal Court Dismisses Fair Debt Collection Practices Act Lawsuit

Agreements among a credit repair organization, a law firm, and a New York woman were unenforceable or otherwise ran afoul of the law, a federal court ruled this week.  The reasons?  The credit repair organizations agreement with the woman violated a federal statute, and an agreement with the law firm violated New York’s champerty laws and […]

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‘Coma’ Meets ‘The Big Short’: Financial Advice Columnist Opines That Life Settlements Business Seem to Attract ‘Fraud and Financial Blowups’

July 12, 2017  |   Posted by :   |   Life Settlements   |   Comments Off on ‘Coma’ Meets ‘The Big Short’: Financial Advice Columnist Opines That Life Settlements Business Seem to Attract ‘Fraud and Financial Blowups’

The life settlements industry “seems to attract both fraud and financial blowups” and should be avoided by investors. So says a financial advice columnist, Michael Taylor, who points to the fraud and “financial blowups” as the rationale to avoid the investment, rather than the “ick factor” of investing in death. In his July 7 column, he also […]

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Texas Amends Structured Settlement Protection Act To Allow Redaction of Payee Names, Other Information

July 01, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Texas Amends Structured Settlement Protection Act To Allow Redaction of Payee Names, Other Information

The Texas Structured Settlement Protection Act has been amended, and the new provisions are unique about the 49 state SSPAs. Each SSPA provides that an individual payee – the person entitled to receive future payments pursuant to the terms of a structured settlement – can only sell the future payment rights to a purchasing company […]

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New York Times: ‘High-Risk’ Viaticals May Have Contributed to Debt Problems for Virgin Islands

June 26, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on New York Times: ‘High-Risk’ Viaticals May Have Contributed to Debt Problems for Virgin Islands

The pension system for the Virgin Islands has been “chasing high returns by investing in high-risk assets, like a $50 million placement in life viaticals — an insurance play that is, in effect, a bet that a selected group of elderly people will die soon.” That is a line from an article with the headline After Puerto […]

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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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