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Federal Court Dismisses Some, But Not All, Counts by CFPB Against Structured Settlement Factoring Company

Federal Court Dismisses Some, But Not All, Counts by CFPB Against Structured Settlement Factoring Company

A federal district court this month dismissed four of five counts of a complaint brought by the Consumer Financial Protection Bureau against a structured settlement factoring company’s allegedly abusive business practices. The ruling by District Judge J. Frederic Motz of the U.S. District Court for the District of Maryland, in Consumer Fin. Proc. Bureau v. Access Funding, L.L.C., Civil No. 16-03759-JFM, 2017 U.S. Dist. LEXIS 149519 (D.Md. Sept. 13, 2017), lets stand one count concerning allegedly illegal business practices arising…

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In One of Several Lawsuits Against Factoring Company, Maryland Attorney General Weighs In on Proposed Settlement of Class Action

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 General’s office and attorneys spar over settlement for lead victims, by reporter Carrie Wells) that appeared today, which is the date of a scheduled hearing…

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

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 structured settlement payment rights, and that those orders therefore should be invalidated. The Attorney General said that Access Funding engaged in unfair practices that included targeting…

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More News Reports Describe CFPB Lawsuit, Reactions

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 what they say: Federal Watchdog Sues Md. Company Over Lead Paint Settlements, Baltimore Sun (available here), which reports on how the CFPB lawsuit followed an…

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

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 front-page investigative news story by The Washington Post. The Post, which has published a number of stories about allegedly abusive practices by structured settlement factoring companies,…

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

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 agreed to sell structured settlement payment rights to Access Funding companies in the past five years, and whose deals were approved by court orders in…

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Maryland Attorney General Sues Factoring Company

Maryland Attorney General Sues Factoring Company

The Washington Post and 60 Minutes have reported this week that the Maryland Attorney General has filed a lawsuit against a factoring company whose practices allegedly include the targeting of lead paint poisoning victims as prospective customers of its structured settlement payment purchases. The Attorney General’s lawsuit alleges that factoring company Access Funding, along with other defendants, made misrepresentations to Maryland courts when the company obtained orders approving transfers of structured settlement payment rights, and that those orders therefore should be…

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