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Archive | Structured Settlements

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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After Court Invalidates Structured Settlement Payment Transfer Order, Re-Assignees Sue Financial Advisors, Factoring Company

November 30, 2016  |   Posted by :   |   Structured Settlements   |   Comments Off on After Court Invalidates Structured Settlement Payment Transfer Order, Re-Assignees Sue Financial Advisors, Factoring Company

The federal court’s ruling last week in a lawsuit captioned Wall v. Corona Capital, Civil Action No. 16-1044, 2016 U.S. Dist. LEXIS 161683 (W.D. Pa. Nov. 22, 2016), has to do primarily with whether the court has personal jurisdiction over Corona in Pennsylvania, and also whether the court should agree with a financial advisor company’s […]

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More News Reports Describe CFPB Lawsuit, Reactions

November 29, 2016  |   Posted by :   |   Structured Settlements   |   Comments Off on More News Reports Describe CFPB Lawsuit, Reactions

The Consumer Protection Financial Bureau’s lawsuit against factoring company Access Funding, alleging violations of federal law in connection with structured settlement factoring transactions between the company and Maryland residents, has led to a number of news reports and other articles describing both the litigation and some reactions. Here is a sample of the media pieces and […]

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Washington Post Continues Reports on Structured Settlement Factoring with Story About Consumer Financial Protection Bureau Lawsuit

November 28, 2016  |   Posted by :   |   Structured Settlements   |   Comments Off on Washington Post Continues Reports on Structured Settlement Factoring with Story About Consumer Financial Protection Bureau Lawsuit

As described here, the Consumer Financial Protection Bureau has filed a lawsuit against Access Funding and other defendants, alleging violations of the Consumer Financial Protection Act in connection with structured settlement factoring transactions involving Maryland payees. The lawsuit is the latest in a series of developments that can be traced back to an August, 2015 […]

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Consumer Financial Protection Bureau Sues Factoring Company Over Structured Settlement Transfer Deals, Alleges Violation of Federal Law

November 28, 2016  |   Posted by :   |   Structured Settlements   |   Comments Off on Consumer Financial Protection Bureau Sues Factoring Company Over Structured Settlement Transfer Deals, Alleges Violation of Federal Law

In the latest development involving structured settlement factoring transactions that have come under scrutiny in Maryland since 2015, the Consumer Financial Protection Bureau has filed suit against factoring company Access Funding, LLC, alleging that the company engaged in unfair and deceptive practices that are prohibited by federal law. The transactions involve Maryland structured settlement payees who […]

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