Today's decision of interest in The New York Law Journal is "Matter of 321 Henderson Receivables LP v Fontana", Suffolk County Supreme Court 10243-2006.
The decision is interesting for two reasons:
(1) Highlights the fact that New York State judges appear to be enforcing the provisions of the state's Structured Settlement Protection Act (SSPA). The decision is useful to show the reasoning of the judge in making such a decision, in particular its assessment of what meets the "fair and reasonable" or "in the best interest" standard.
(2)Identifies a veteran structured settlement broker who appears to have chosen to align himself with a structured settlement factoring company which together with its kissing cousin, JG Wentworth has contributed a major part in the confusion of structured settlement consumers on the information highway. The broker cited in the decision, Judson "Jack" Caddy, implies that Allstate Insurance Company is one of his clients in the biography (Curriculum Vitae) on his company website.** It is interesting to note that the insurer on the underlying case which gave rise to the structured settlement in this case was Allstate Insurance Company. Coincidence? Hope so.
Some but not all structured settlement brokers have chosen to align themselves with factoring companies. Why a veteran like Jack Caddy would align himself with a kissing cousin of JG Wentworth defies reason.
** Caddy may want to update his website which still lists expired names or annuity issuers no longer writing structured settlements. Who needs a caddy that reaches for the wrong "club"?