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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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Report: Litigation Funding Is One Reason for Increasing Costs of Australian Insurance Claims

February 27, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Report: Litigation Funding Is One Reason for Increasing Costs of Australian Insurance Claims

A.M. Best last week posted an interview with Laura Coppola, North American head of management liability for Allianz Global Corporate & Specialty.  In the interview available on A.M Best’s “BestTV” (available here), she said that one reason for increased commercial claims in Australia is the backing of litigation funding companies.  Said Coppola: “One of the culprits that we’ve seen […]

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Legislation Would Require Disclosure of Litigation Funders in Class Action Matters

February 25, 2017  |   Posted by :   |   Litigation Funding   |   Comments Off on Legislation Would Require Disclosure of Litigation Funders in Class Action Matters

Earlier this month, a bill entitled the Fairness in Class Action Litigation Act of 2017 (H.R. 985) was introduced in Congress.  The bill is aimed at reforming federal class actions in many ways.  One of those ways would require that class counsel disclose third-party litigation funding. The [Fairness in Class Action Litigation] Act would require class counsel to promptly […]

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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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