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Tag: “Maryland attorney general”

What’s Happened With the Litigation Over Settlement Factoring in Maryland

What’s Happened With the Litigation Over Settlement Factoring in Maryland

Maryland has been at the center of attention since the Washington Post began its series of news stories about structured settlement factoring. Some of what’s happened in Maryland involve changes in legislation (see here) or judicial rules (see here). Another front has been in state court, where two lawsuits have been at the center of attention, when the topic is structured settlement factoring. One lawsuit was brought by the Maryland Attorney General, which sued factoring company, Access Funding, LLC., the…

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What’s Happened with the Maryland Structured Settlement Protection Act

What’s Happened with the Maryland Structured Settlement Protection Act

As described here, it’s been two years since the Washington Post began a series of stories about the structured settlement factoring industry and alleged factoring company abusive practices, such as those involving the targeting of cognitively-impaired structured settlement payees. One change that has taken place in the past two years is that Maryland has adopted a revised structured settlement protection act. In fact, Maryland’s SSPA, some say, is the strictest of the 49 state structured settlement protection acts.  It  requires…

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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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Maryland Attorney General Announces Registration for Factoring Companies

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. In a press release, the Attorney General’s office said the following: During the 2016 session of the Maryland General Assembly, Attorney General Frosh supported legislation…

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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 Revises Structured Settlement Protection Act, Adds Anti-Forum Shopping Provision and Potentially Strict Registration Requirement

Maryland Revises Structured Settlement Protection Act, Adds Anti-Forum Shopping Provision and Potentially Strict Registration Requirement

As described here, the Maryland Structured Settlement Protection Act has been revised, with a new statute to go into effect October 1, 2016. The revisions include provisions that, it could be argued, are among the most strict statutory requirements of the forty-nine state SSPAs that govern transfers of structured settlement payment rights. Just how strict those provisions are in practice, though, may depend on how much scrutiny the Maryland Attorney General’s office applies in the future. State SSPAs establish that transfers of…

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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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