Michigan Appeals Court Affirms Attorneys’ Fees Award in Structured Settlement Protection Act Dispute, Where Factoring Company Did Not Comply with Statute

Michigan Appeals Court Affirms Attorneys’ Fees Award in Structured Settlement Protection Act Dispute, Where Factoring Company Did Not Comply with Statute

The Michigan Court of Appeals last week affirmed an award of attorneys’ fees to insurers based on a factoring company’s failure to comply with the state’s structured settlement protection act. J.G. Wentworth S.S.C. v. Morris, No. 333413, 2018 Mich. App. LEXIS 347 (Mich. Ct. App. Feb. 22, 2018), involved a dispute over a single structured settlement payment due to be paid in 2015 to payee Anthony Morris.  Between 1998 and 2007, Morris entered into a series of transactions whereby he…

Read More Read More

Virginia Lawyers Weekly Reports on Class Action Complaint Challenging Settlement Factoring Deals

Virginia Lawyers Weekly Reports on Class Action Complaint Challenging Settlement Factoring Deals

On the same day that largest Virginia-based newspaper reported on a putative class action alleging a scheme to defraud structured settlement Virginia Lawyers Weekly on February 2nd reported on the putative class-action complaint filed last year alleging that a Virginia legislator and some Virginia judges were complicit in a scheme with factoring companies aimed at deprive structured settlement payees of their rights. The article, Delegate sued over structured settlement sales, is available here (subscription required). The article reports that the complaint…

Read More Read More

Lottery Winner Wants to Keep Identity Out of the Public Eye

Lottery Winner Wants to Keep Identity Out of the Public Eye

A lottery winner in New Hampshire is fighting in court to keep her identity secret while still hoping to claim the half-billion dollar prize. News stories around the country have reported on the lawsuit over the identity of “Jane Doe”, who is litigating with New Hampshire lottery officials over whether state law allows her to claim her prize while keeping her name out of the public eye. One such story, “All she has to do to collect a $560 million lotto…

Read More Read More

Court: Litigation Funder Cannot Re-Litigate Enforceability of Agreements

Court: Litigation Funder Cannot Re-Litigate Enforceability of Agreements

Because a litigation funding company lost on the issue of enforceability of its agreements in a previous legal action against an individual, the company is precluded from re-litigating the issue in a later lawsuit where the company attempted to enforce the same agreements against the individual’s attorney, That was the ruling in Prospect Funding Holdings, LLC v. Breen, Civ. No. 2:17-cv-3328-KM-MAH, 2018 U.S. Dist. LEXIS 19373 (D.N.J. Feb. 5, 2018),Plaintiff Prospect Funding Holdings, LLC (“Prospect”).  The “agreements have already been…

Read More Read More

Law Professor Also Looks at Idea of Ban on Factoring By Lead Poisoning Victims From Viewpoint of Taxpayers, Parents, Investors

Law Professor Also Looks at Idea of Ban on Factoring By Lead Poisoning Victims From Viewpoint of Taxpayers, Parents, Investors

In her article calling for a ban on transfers of structured settlement payment rights by lead poisoning victims (described here, here, and here), law school Professor Karen Syma Czapanskiy’s article analyzes some of the issues from the point of view of investors in such transactions, as well as from the viewpoint of taxpayers. Among the University of Maryland professor’s additional comments are the following. Banning Sales Protects the Taxpayer:  “[B]anning sales would . . . protect the community and the…

Read More Read More

In Calling For Ban on Settlement Factoring Transactions by Lead Poisoning Victims, Law Professor Says Current Laws Are Inadequate

In Calling For Ban on Settlement Factoring Transactions by Lead Poisoning Victims, Law Professor Says Current Laws Are Inadequate

Current laws regarding the sale of structured settlement payment rights are inadequate to protect lead-poisoning victims. So says law school Professor Karen Syma Czapanskiy in her recent article, “Structured Settlement Sales and Lead-Poisoned Sellers: Just Say No”, in the Virginia Environmental Law Journal (36 Va. Envtl. L. J. 1). The University of Maryland School of Law professor argues that sales of structured settlement payment rights by lead poisoning victims should be banned. Professor Czapanskiy offered a number of criticisms of…

Read More Read More

Law Professor’s Article Describes Circumstances, Legal Landscape For Parents and Others, in Pointing Out that Lead Poisoning Victims Are Especially ‘Exploitable’

Law Professor’s Article Describes Circumstances, Legal Landscape For Parents and Others, in Pointing Out that Lead Poisoning Victims Are Especially ‘Exploitable’

Law school professor Karen Syma Czapanskiy’s recent law review article advocates a ban on transfers of structured settlement payment rights when the payee is a lead poisoning victim. She also makes a number of other thought-provoking comments in her article is entitled “Structured Settlement Sales and Lead-Poisoned Sellers: Just Say No”, appearing in the Virginia Environmental Law Journal (36 Va. Envtl. L. J. 1). Professor Czapanskiy, a professor at the University of Maryland School of Law, wrote about the prevalence…

Read More Read More

Ban Factoring Where Structured Settlement Payee Is A Lead Poisoning Victim, Advocates Maryland Law School Professor

Ban Factoring Where Structured Settlement Payee Is A Lead Poisoning Victim, Advocates Maryland Law School Professor

A 2018 law review article poses the question of whether structured settlement factoring transactions by lead-poisoning victims should be permissible under the law – and concludes “that allowing such sales is unjustifiable”. The article, “Structured Settlement Sales and Lead-Poisoned Sellers: Just Say No”, by University of Maryland School of Law Professor Karen Syma Czapanskiy, appears in a recent edition of the Virginia Environmental Law Journal (36 Va. Envtl. L. J. 1). Professor Czapanskiy begins her article describing the most famous…

Read More Read More

News Report: Newest Litigation Funding Legislation Is ‘Toothless’, Says Rival Bill’s Sponsor

News Report: Newest Litigation Funding Legislation Is ‘Toothless’, Says Rival Bill’s Sponsor

Following several articles on litigation funding during the first week of the year, The New York Post has reported on competing legislative proposals offered by New York politicians aimed at regulating the industry. And one bill is “toothless”, says a sponsor of an earlier piece of legislation that would cap interest rates that litigation funders could charge, according to the Post. The Post’s article, Lawmakers Square Off Over Profitable Cottage Industry, is available here. Earlier related Secondary Insurance Market Blog…

Read More Read More

Texas Appeals Court Affirms Decision Turning Away Viatical Investor’s Claims

Texas Appeals Court Affirms Decision Turning Away Viatical Investor’s Claims

A Texas court of appeals yesterday affirmed a trial court’s decision rejecting claims, by an investor in viaticals, against life insurance agents who procured more than $70,000,000 worth of life insurance policies – investments that resulted in losses of more than $3 million. In Jessen v. Duvall, No. 14-16-00869-CV, 2018 Tex. App. LEXIS 1369 (Tex. Ct. App. Feb. 22, 2018), the Texas Court of Appeals, Fourteenth District (Houston), held that the investor had standing to bring claims that included fraud and…

Read More Read More