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Tag: “structured settlement protection” SSPA “court approval” “structured settlement factoring” “Florida SSPA”

Florida Court Rules That Factoring Company Failed To Include Statutorily-Required Choice-Of-Venue Clause In Proposed Contract

Florida Court Rules That Factoring Company Failed To Include Statutorily-Required Choice-Of-Venue Clause In Proposed Contract

The Florida court that recently rejected a proposed transfer of structured settlement payment rights because the transaction violated New York’s structured judgment law also addressed the fact that the proposed contract did not contain a provision required under Florida law. In the opinion in In Re: Approval Of Transfer Of Structured Settlement Payment Rights Between JLC Capital Funding and Ortega, Case No.: 16-CA-003649, 2018 WL 1896171, Circuit Court, Lee County, Fla. (Fla. Cir. Ct. Mar. 28, 2018), the Florida Circuit Court…

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New York’s Structured Settlement Protection Act Falls Within Scope Of ‘Applicable Law’ In Florida Protection Act Proceeding, Says Court

New York’s Structured Settlement Protection Act Falls Within Scope Of ‘Applicable Law’ In Florida Protection Act Proceeding, Says Court

A Florida court recently rejected a proposed transfer of structured settlement payment rights, on the grounds that New York’s structured judgment law barred the transfer. The proceeding was filed by factoring company JLC Capital Funding, and sought approval of the transfer pursuant to the Florida Structured Settlement Protection Act. The Florida judge ruled that the New York structured judgment law, Article 50-B of New York’s Civil Practice Law & Rules § 5041 et seq., fell within the scope of “applicable…

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New York’s Structured Judgment Law Bars Settlement Factoring Deal, Says Court

New York’s Structured Judgment Law Bars Settlement Factoring Deal, Says Court

New York’s structured judgment statutes are found in Civil Practice Law & Rules Sections 50-A and 50-B.  Section 50-A is entitled “Periodic Payment of Judgments in Medical and Dental Malpractices Actions”, and Section 50-B is called “Periodic Payment of Judgments in Personal Injury, Injury to Property, and Wrongful Death Actions”.  Both require, under certain circumstances, that certain awards to claimants be paid over time.  Both also provide that such payments over time are non-assignable, except in certain circumstances.  In particular,…

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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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Florida Revises Its Structured Settlement Protection Act

Florida Revises Its Structured Settlement Protection Act

For the second time this week, a state has revised its structured settlement protection act. The Florida structured settlement protection act (SSPA), which first went into effect in 2001, has been revised, and the revised statute is effective immediately upon Governor Rick Scott’s signing of the legislation into law yesterday. Earlier this week, Virginia’s governor signed into law a revised Virginia SSPA, and that state’s revised law will go into effect July 1.  See yesterday’s post about the revised Virginia…

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News Reports: Judges’ Signatures Were Forged in More Than 100 Matters Filed Pursuant to the Florida Structured Settlement Protection Act

News Reports: Judges’ Signatures Were Forged in More Than 100 Matters Filed Pursuant to the Florida Structured Settlement Protection Act

News stories in a number of publications this week reported that a number of Broward County, Florida, judges’ signatures were forged in more than one hundred matters that had been filed pursuant to the Florida Structured Settlement Protection Act. Among the stories are the following: Rules Change After Lawyer Accused of Forging Judges’ Signatures 114 Times, from the Daily Business Review, and available here; and Lawyer is accused of forging judges’ signatures on more than 100 documents, from the ABA…

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