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Archive | Structured Settlements

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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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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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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Maryland Courts Revise Rules for Structured Settlement Protection Act Proceedings

December 30, 2016  |   Posted by :   |   Structured Settlements   |   Comments Off on Maryland Courts Revise Rules for Structured Settlement Protection Act Proceedings

The Maryland judiciary this month has revised the rules governing actions filed pursuant to that state’s structured settlement protection act. The rule revises the requirements concerning documents to be filed by factoring companies that seek judicial approval of transfers under the structured settlement protection act – list of documents that now includes a copy of […]

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Court Ruled Factoring Company Failed to Make Claim, But SSPA’s No-Payee-Liability Provision Also Might Have Protected Payee from Claim

December 16, 2016  |   Posted by :   |   Structured Settlements   |   Comments Off on Court Ruled Factoring Company Failed to Make Claim, But SSPA’s No-Payee-Liability Provision Also Might Have Protected Payee from Claim

As described in this post, in the case is captioned In re A Transfer of Structured Settlement Payment Rights by Saucier, No. 2015-CA-00847-COA, 2016 Miss. App. LEXIS 801 (Miss. Ct. App. Dec. 13, 2016), the appellate court affirmed the dismissal of any claims for damages against structured settlement payee Benny Ray Saucier by factoring company RSL Funding, LLC, because […]

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No Damages For Factoring Company that Failed to Plead, Says Mississippi Appellate Court

December 15, 2016  |   Posted by :   |   Structured Settlements   |   Comments Off on No Damages For Factoring Company that Failed to Plead, Says Mississippi Appellate Court

A secondary market dispute with a “highly complex” history has resulted in another decision favoring the payee over a factoring company that sought to obtain the payee’s structured settlement payment rights. The case is captioned In re A Transfer of Structured Settlement Payment Rights by Saucier, No. 2015-CA-00847-COA, 2016 Miss. App. LEXIS 801 (Miss. Ct. App. Dec. 13, 2016), […]

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Revised Maryland SSPA Now Also Requires Factoring Company Bond

December 02, 2016  |   Posted by :   |   Structured Settlements   |   Comments Off on Revised Maryland SSPA Now Also Requires Factoring Company Bond

As with the requirement that factoring companies register with the state Attorney General (described here), the revised Maryland Structured Settlement Protection Act (effective October 1, 2016) also requires a bond by factoring companies, as described in this post. UPDATE: And here is another recent article, Bonding Requirement Added for Maryland Structured Settlement Companies, describing the new […]

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Maryland Attorney General Announces Registration for Factoring Companies

December 01, 2016  |   Posted by :   |   Structured Settlements   |   Comments Off on Maryland Attorney General Announces Registration for Factoring Companies

Maryland Attorney General Brian Frosh recently announced the beginning of registration for factoring companies doing business in that state.   The Attorney General’s office announced in September that, as per the revised Maryland Structured Settlement Protection Act (effective October 1, 2016), it would accept registrations from factoring companies seeking to purchase structured settlement payment rights. […]

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