by Structured Settlement Watchdog
Genex Capital was one of 4 investors who acquired Terrence Taylor's structured settlement payment rights originated by Structured Asset Funding and its subsidiary ISettlements, among the astounding 11 structured settlement payment transfers approved within a 2 year time frame.
As I reported recently, Genex Capital Corporation, a Delaware Corporation that operates out of Vancouver Canada, has filed an answer and counterclaim to the Interpleader motion filed by New York Life Insurance Company and New York Life Insurance and Annuity Corporation in the Terrence Taylor case.
Genex Capital, which is led by Roger Proctor and Boris Drubetsky, now contends:
- That pursuant to Virginia law each Transfer Agreement was consummated and approval by a final Transfer Order of the Portsmouth Circuit Court
- That New York Life was given proper Notice of the Transfer Agreement and of the Court proceedings pursuant to the Virginia Statutes and the Portsmouth Circuit Court found that New York Life was properly noticed.
- That New York Life, despite being in possession of the Taylor Settlement Agreement and knowing of its restrictive language, failed to object prior to the entry of the Transfer Orders or after
- That New York Life sanctioned both of the Transfer Agreements.
- That New York Life was directed in the Transfer Orders to forward the assigned Periodic Structure Payments pursuant to the two Transfer Agreements, to Genex Capital Corporation
In a January 4, 2017 post, I asked "At what point does an insurance company start to flag a structured settlement factoring case for intervention? Are insurers doing enough, or should an insurer have a greater role in protecting its insured structured settlement annuitants from abusive structured settlement cash now hustlers..." [ see The Insurance Company's Role In Structured Settlement Protection Act Enforcement].
The Taylor case has many different layers with questions that need to be addressed as Genex Capital has also sued Taylor, an African American black amputee burn victim whose large structured settlement was virtually obliterated due to a lack of adequate checks and balances in the Portsmouth Virginia Circuit. Portsmouth judges permitted 11 transactions occur in less than 2 years, allgedly without ever appearing in Court and ,given the nonsensical minuscule amount of review time allotted, with allegedly little to no review of best interest. A class action lawsuit is also pending against various settlement purchasers and their legal counsel Stephen Heretick, a Virginia delegate. The story has received has received coverage in mainstream news media such as the Washington Post and the Virginia Pilot and contributed to a reform of Virginia's Structured Settlement Protection Act.
Genex Capital has no choice but to sue in attempt to protect its investment or that of its investors who potentially face at least temporary suspension of payments if the New York Life interpleader is granted. Genex Capital sells structured settlement derivatives to investors using the debatable label of annuities, through its Assured Annuity arm.
Investors in scam labeled secondary market annuities should follow this litigation. Marketed as safe alternative investments to retirees and even other personal injury victims with the scam label, payments from the structured settlement derivatives can and have been suspended in other cases. While a limited amount of insurance against vacated court orders has been available since May 2017, such insurance may not cover payment suspensions.