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Alabama Court Rejects Settlement Factoring Deal, Awards Attorneys’ Fees to Insurers

Alabama Court Rejects Settlement Factoring Deal, Awards Attorneys’ Fees to Insurers

An Alabama court this month rejected a factoring company’s attempt to obtain judicial approval of a transfer of structured settlement payment rights – in a deal that would have traded more than $800,000 in settlement payments for an immediate payment of $4,000 – and awarded attorneys’ fees to the insurers that pointed out to the court how the factoring company failed to comply with applicable law. In CBC Settlement Funding, LLC v. Scott, Case No. CV-2017-092576.00, 2018 Ala. Cir. LEXIS…

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Transfers Must Meet Both ‘Fair and Reasonable’ and ‘Best Interest’ Tests – And Factoring Deal Failed On One, So Must Be Denied, Says Judge

Transfers Must Meet Both ‘Fair and Reasonable’ and ‘Best Interest’ Tests – And Factoring Deal Failed On One, So Must Be Denied, Says Judge

A New York trial court recently emphasized that, under the New York Structured Settlement Protection Act, a transfer must be both “fair and reasonable” and in the payee’s “best interest” prongs of the statutory requirements, or the proposed transfer must be rejected – and because the proposed transaction at issue failed to meet one such standard, it was rejected. In the Matter of Trotter and Blazingstar Funding, LLC, Index No. 1148-14 (N.Y. Sup. Ct. May 8, 2014), is the decision…

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