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Archive | Structured Settlements

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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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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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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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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Court Rules For Maryland Attorney General, Denies Factoring Company’s Motion to Dismiss Lawsuit

June 03, 2017  |   Posted by :   |   Structured Settlements   |   Comments Off on Court Rules For Maryland Attorney General, Denies Factoring Company’s Motion to Dismiss Lawsuit

As described in this Secondary Insurance Market Blog post from May, 2016, a little more than a year ago, the Maryland Attorney General filed a lawsuit that alleged that factoring company Access Funding, LLC, along with other defendants, made misrepresentations to Maryland courts when the company obtained more than 100 court orders approving transfers of […]

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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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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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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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