by John Darer® CLU ChFC MSSC RSP CLTC
An unnamed ELNY shortfall victim has written a lengthy comment on Pat Hindert's blog on November 28, 2012. The unnamed individual is one of the 18 represented by Edward Stone whose Class Action law suit recently got rolling against Benjamin Lawsky, MetLife and Credit Suisse. The Class Action and other materials set forth the case against those indivdiuals or entities.
One thing I found very interesting is this excerpt
"Why should we blame our original attorneys? Back in the day these were backed up and backed up, they thought there were doing right by us. The blame goes to the Superintendant for hiring firms that had no idea how to do the job they were paid for, by squandering monies that belonged to us. I could once again, go on and on, but why? No one wants to hear how we are affected by this loss"
Readers, I have no dog in the fight. I thankfully never placed any ELNY or Executive Life structured settlement or life insurance products, because I saw red flags that should have been obvious to anyone who read the newspapers or watched the news, including lawyers, financial advisers, victims and if applicable, guardians or parents of those who were minors at the time the structured settlements were created.
That's not to say I am not sympathetic to any of the shortfall victims. I am very sympathetic. I spent hours upon hours speaking and communicating with ELNY victims in 2011 (and writing about them) way before the shortfall notices went out and the mainstream press got involved. But I am a bit cynical of the notion that blame is not to be shared (see my 2012 video on the ELNY victim "all eggs in one basket" question below).
What does "backed up and backed up" mean? I'd like the answer to that question. To me it suggests someone who WAS aware of the limits of statutory protection at the time of sale. Has there been a shortfall of statutory protection? No, there hasn't. It would be far more credible, in my opinion, for ELNY victims not to use the ELNY litigation process to bash all annuities, insurance products and the insurance industry, many of whose participants (that ELNY victims or their representatives shunned, ostensibly for a higher return), have been in existence for over 150 years and paying their annuitants (including those with structured settlements set up when ELNY was actively writing!)
I want to hear the stories about how this woman is affected by the loss. I want to interview her fairly and respectfully and give her the opportunity to air her story on Legal Broadcast Network. If the woman in question is brave enough to speak to me (and her lawyer permits) please contact me directly. If you wish to remain anonymous on the air, we can accomodate but we will have to at least verify that you are indeed an ELNY victim. Any other ELNY victim who wishes to speak on the air can feel free to contact me as well. So far there has been nobody who has been brave enough. What a pity.