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Tag: re-assignee

‘Underwriter’ And ‘Guarantor’ Of Factoring Transaction? Third Circuit Mistakenly Looks To Non-Party

‘Underwriter’ And ‘Guarantor’ Of Factoring Transaction? Third Circuit Mistakenly Looks To Non-Party

In Wall v. Corona Capital, LLC, Nos. 17-2275 and 17-2361, 2018 U.S. App. LEXIS 33071 (3rdCir. Nov. 23, 2018), the U.S. Court of Appeals for the Third Circuit ruled that Altium Group, LLC, did not breach its contract with Robert and Linda Wall, in a dispute over a structured settlement factoring transaction that the Walls invested in before it turned out that the transaction documents had been forged. As described in posts here and here, in 2012, Altium and the Walls…

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In Wall v. Corona Capital, Federal Appeals Court Did Not Make Distinction Between Sale Of Structured Settlement Payment Rights (Which Was At Issue) And Sale Of Annuity (Which Was Not)

In Wall v. Corona Capital, Federal Appeals Court Did Not Make Distinction Between Sale Of Structured Settlement Payment Rights (Which Was At Issue) And Sale Of Annuity (Which Was Not)

As discussed in this post, a federal appeals court has ruled against investors in a structured settlement factoring transaction, reversing a lower court ruling that said they could recover from an investment company that had sold them its putative rights to future structured settlement payments. The opinion contains some statements that are, at best, difficult to square with applicable law, including prior precedent from the same federal appeals court.  Those statements are worth reviewing, and some are looked at more…

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Appellate Court Deals Setback To Couple Trying To Recover More Than $150,000 Invested In Structured Settlement Factoring Transaction That Later Unraveled

Appellate Court Deals Setback To Couple Trying To Recover More Than $150,000 Invested In Structured Settlement Factoring Transaction That Later Unraveled

In 2012, Robert and Linda Wall signed a contract with Altium Group, LLC, as part of a deal for the purchase of the right to receive structured settlement payments. The Walls were to pay Altium more than $150,000 for these payments, which – once purchased – would be paid to them from 2014 to 2019. Altium agreed to provide the Walls with a “Closing Package” that was to include a certified copy of an order approving the transfer of the…

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In Lawsuit Over Settlement Payment Transaction – Approved by a Court Order that Was Later Invalidated for Fraud – Court Says Financial Advisors Breached Contract

In Lawsuit Over Settlement Payment Transaction – Approved by a Court Order that Was Later Invalidated for Fraud – Court Says Financial Advisors Breached Contract

The latest ruling in the litigation over an invalidated court order – that approved a transfer of structured settlement payment rights, but later was found to be void due to fraud – is a win for the re-assignee investors, and a loss for their financial advisors. The court in Wall v. Altium found that the advisors breached their contract with Robert and Linda Wall, who had invested in a transfer of structured settlement payment rights. Unfortunately for the Walls, the…

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After Court Invalidates Structured Settlement Payment Transfer Order, Re-Assignees Sue Financial Advisors, Factoring Company

After Court Invalidates Structured Settlement Payment Transfer Order, Re-Assignees Sue Financial Advisors, Factoring Company

The federal court’s ruling last week in a lawsuit captioned Wall v. Corona Capital, Civil Action No. 16-1044, 2016 U.S. Dist. LEXIS 161683 (W.D. Pa. Nov. 22, 2016), has to do primarily with whether the court has personal jurisdiction over Corona in Pennsylvania, and also whether the court should agree with a financial advisor company’s request to transfer to federal court in New Jersey. And the decision can be summed up by saying that the court found that it did not…

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