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Tag: Pennsylvania structured settlement protection act

While Pennsylvania Law Requires That Court Be Given Accurate Details About Settlement Factoring, Vigilant Judge May Be The Best Protection Against ‘Unreliable’ Information

While Pennsylvania Law Requires That Court Be Given Accurate Details About Settlement Factoring, Vigilant Judge May Be The Best Protection Against ‘Unreliable’ Information

The Pennsylvania Structured Settlement Protection Act is the statute that led to a request for judicial approval of a proposed transaction involving a Penn State University sexual abuse settlement. That matter, described in more detail here, led a Pennsylvania judge this month to reject to purchasing company’s “abysmal” deal. The Pennsylvania Structured Settlement Protection Act, like all forty-nine state SSPAs, provides that a structured settlement payee (like the victim in the Penn State case) can sell the rights to future…

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Like Sharks ‘With Blood In The Water’: News Report Says Judge Criticizes Factoring Company For ‘Abysmal’ Structured Settlement Transfer Proposal And ‘Completely Unreliable’ Court Filings

Like Sharks ‘With Blood In The Water’: News Report Says Judge Criticizes Factoring Company For ‘Abysmal’ Structured Settlement Transfer Proposal And ‘Completely Unreliable’ Court Filings

A Pennsylvania judge this week said that structured settlement factoring companies were like “sharks” with “blood in the water” before rejecting a proposed factoring transaction – involving nearly $3 million in future payments – that was “abysmal” and involved court-filed papers that were “completely unreliable”. That’s what was reported by a newspaper in West Chester, Pennsylvania, the Daily Local News, in an article headlined Judge Denies Payout In PSU Victim’s Case. The newspaper reported that the structured settlement payee was a victim…

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A Factoring Transaction Might Need Approval From More Than One Court – But The Factoring Company May Need To Provide an Explanation

A Factoring Transaction Might Need Approval From More Than One Court – But The Factoring Company May Need To Provide an Explanation

Under the laws of forty-eight states, structured settlement factoring transactions are generally effective unless and until they receive court approval, by way of a court order issued pursuant to applicable structured settlement protection act (SSPA) requirements. Sometimes, those requirements can mean that the transfer needs approval from more than one court.  A commentary on the subject describes an example this way: For example, if a factoring company proposes to acquire a structured settlement payment rights from a payee who is…

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