by John Darer® CLU ChFC CSSC RSP CLTC
Federal Judge Beverly Reid O'Connell has dismissed the anti-trust lawsuit filed by Novation Ventures, LLC against JG Wentworth Company LLC. In its May 18, 2015 decision the Court said it granted JG Wentworth's motion to dismiss on the papers, with leave to amend, and "deems this matter appropriate for decision without oral argument of counsel".
see Novation Ventures, LLC v The JG Wentworth Company, LLC et al. United States District Court Central District of California CV-15-009454 BRO Document 23.
JG Wentworth and Novation compete in the structured settlement secondary market. Both are members of the National Association of Settlement Purchasers (NASP) and this is believed to be first suit of its kind in the secondary market.
JG Wentworth is the heavyweight champion of the structured settlement secondary market and dominates the segment's market share by a wide margin. Several years ago JG Wentworth, which then controlled close to half the market, acquired Peachtree, the number 2 player, creating an even bigger foot print.
Novation has until June 8, 2015 to make its next move.
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