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Archive | Structured Settlements

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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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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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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Federal Appeals Court’s Dissenting Judge Says CFPB Is Unconstitutional, Would Have Ruled For Secondary Market Company

March 08, 2017  |   Posted by :   |   Pension Factoring,Structured Settlements   |   Comments Off on Federal Appeals Court’s Dissenting Judge Says CFPB Is Unconstitutional, Would Have Ruled For Secondary Market Company

As described here, in a 2-1 opinion, the U.S. Court of Appeals for the District of Columbia denied a motion for an injunction, pending appeal, against the Consumer Financial Protection Bureau (CFPB) by a secondary insurance market company, and rejected that company’s argument that the CFPB’s structure violates the U.S. Constitution. The unidentified company had filed […]

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D.C. Circuit Court of Appeals Rejects Secondary Market Company’s Constitutional Challenge to Consumer Financial Protection Bureau

March 07, 2017  |   Posted by :   |   Pension Factoring,Structured Settlements   |   Comments Off on D.C. Circuit Court of Appeals Rejects Secondary Market Company’s Constitutional Challenge to Consumer Financial Protection Bureau

A federal appellate court has rejected a secondary market company’s constitutional challenge to the federal  Consumer Financial Protection Bureau’s authority to investigate the company. The opinion of the U.S. Court of Appeals for the District of Columbia in Doe Co. v. Cordray, No. 17-5206 (D.C. Cir. Mar. 3, 2017) – decided with two judges in […]

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Could A Trust Have Protected Lead Paint Victims’ Structured Settlements? The Question Is Put to a Trust Company President

March 04, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Could A Trust Have Protected Lead Paint Victims’ Structured Settlements? The Question Is Put to a Trust Company President

Structured settlement factoring got considerable attention in the past two years due in no small part to the Washington Post’s news stories about such deals involving lead paint victims in the Baltimore area. Could those structured settlements have been protected had the payments been paid into a trust? Legal Broadcast Network host Mark Wahlstrom raises […]

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IRS Memorandum About Structured Settlement Protection Acts Takes Aim at Forum-Shopping by Factoring Companies

March 03, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on IRS Memorandum About Structured Settlement Protection Acts Takes Aim at Forum-Shopping by Factoring Companies

An Internal Revenue Service memorandum appears to be aimed at discouraging factoring companies from forum shopping when seeking to obtain statutorily-required court approval of transfers of structured settlement payment rights. In a January memorandum, the IRS said that the Internal Revenue Code’s excise tax, imposed by Section 5891 of the Code, may apply when the […]

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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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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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