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Tag: “structured settlement protection” “structured settlement factoring” “Virginia Structured Settlement Protection” “Virginia SSPA”

Class-Action Complainant Alleges Scheme By Factoring Companies, With Virginia Judges, To Deprive Structured Settlement Payees of Rights to Counsel, Rights to Future Payments

Class-Action Complainant Alleges Scheme By Factoring Companies, With Virginia Judges, To Deprive Structured Settlement Payees of Rights to Counsel, Rights to Future Payments

A putative class-action plaintiff filed a complaint last week alleging that some Virginia judges were complicit in a scheme, arranged by factoring companies and their lawyer, that was designed to deprive structured settlement payees of their rights – namely, their rights to get legal advice about proposed sales of payment rights to the companies, their rights to having an impartial arbiter decide whether sales of the payees’ payments met statutory standards, and their rights to the payments themselves. The lawsuit…

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What’s Happened With the Virginia Structured Settlement Protection Act

What’s Happened With the Virginia Structured Settlement Protection Act

Following the series of Washington Post articles that began in August, 2015, about structured settlement factoring, a number of legislators and other officials focused their attention on efforts to rein in factoring company business practices that were questionable, or worse.  (See the Secondary Market Blog post here about the activity in the two years since the first article appeared.) While many of the articles focused on practices in matters filed in Maryland, under that state’s structured settlement protection act (SSPA), some articles…

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Virginia Revises Its Structured Settlement Protection Act

Virginia Revises Its Structured Settlement Protection Act

Virginia has, for the third time since 1999, revised its structured settlement protection act. The Virginia structured settlement protection act (“SSPA”) first went into effect in 1999, was revised in 2001 and 2006, and now has been revised again. The revised Virginia SSPA, signed into law this week, goes into effect in July 1, 2016. The terms of the revised Virginia statute are aimed at, among other things, accomplishing the following goals: Eliminating forum shopping by factoring companies, which are directing by…

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Editorial: ‘Unwary Need a Voice’ in Settlement Factoring Proceedings

Editorial: ‘Unwary Need a Voice’ in Settlement Factoring Proceedings

A Virginia publication has called for strengthening the state’s structured settlement protection act, in light of reports about abusive practices, such as those described in the Washington Post and other media outlets. The Daily Press this week praised a bill introduced in the Virginia legislature that would prevent forum shopping by factoring companies, so that SSPA proceedings would have to be filed in the payee’s home jurisdiction.  The bill would also require payees to attend hearings on the proposed transactions, and mandate…

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Structured Settlement Factoring Gets Instapundit Treatment

Structured Settlement Factoring Gets Instapundit Treatment

Structured settlement factoring has caught the attention of one of the most widely-read political blogs, Instapundit. In a post yesterday, Instapundit linked to both a recent Washington Post story on questionable structured settlement factoring practices in Virginia, as well as a follow up story on the news web site of the Virginian-Pilot. Instapundit is a web log produced by University of Tennessee law professor Glen Reynolds, and has sometimes been called the most popular law-professor-produced blog and one of the…

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