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July 16, 2008

Washington Square Financial, LLC... The New "Shimmer"?

by John Darer CLU ChFC CSSC

Is Washington Square Financial, LLC searching for an identity or is it a modern day version of 70's era
"Shimmer"?

  • According to a press release dated September 10, 2007, Washington Square, LLC is a specialty finance company that purchases structured settlement payment rights and certain annuities from individuals

Then it refers to itself variously as:

  • Washington Square Financial Structured Settlement Company (FYI...it isn't)
  • Washington Square Financial Financial Service Company

How about the Washington Square Financial promotion of the industry it is in?

  • In relation to its Executive Vice President/General Counsel, Andrew S. Hillman..."Hillman was instrumentally involved in the development of the structured settlement funding industry"
  • "Hillman was managing director and CEO of Specialty Asset Advisors, Inc., a consulting firm specializing in advising the structured settlement factoring industry".
  • "Mr.  (Benjamin E.) Gomez experience in the structured settlement advanced funding industry...  from October 4, 2007 press release announcing appointment of Gomez as Counsel.

Reminds me of an old Saturday Night Live skit featuring the actors Chevy Chase, Dan Ackroyd and the late Gilda Radner, written by Elliot Gould:

"Wife: New Shimmer is a floor wax!

Husband: No, new Shimmer is a dessert  topping!

Wife: It's a floor wax!

Husband: No it's a dessert topping you cow!

Spokesman: Hey, hey, hey, calm down, you two, new Shimmer is both a floor wax AND a dessert topping! Here I'll spray some on your mop...and some on your butterscotch pudding"

Then there's the misleading Internet come on:

"Washington Square Financial Makes the most" of your structured settlement money now by buying your annuity payment, giving you a lump sum settlement". Meta description deliberately coded into Washington Financial web site that is picked up by search engines.

Of course it's NOT lump sum settlement it's a structured settlement factoring transaction. "Lump sum settlement" is not a defined term under IRC 5891.

Postscript

To add to the confusion Wsashington Square Financial was renamed Imperial Structured Settlements in September 2008.

 

 

Posted at 07:44 AM in DRB Capital/Imperial Structured Settlements | Critical Commentary, Settlement Advertising Wall of Shame, Truth In Advertising Structured Settlement Factoring, Washington Square Financial |

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Guide to Structured Settlements 2025

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  • Treasury Funded Structured Settlements
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    In 2025, you can structure your settlement payments in various ways. A structured settlement allows for multiple payment types within one agreement. You can tailor and merge different structured settlement payments to suit your individual needs, either alone or alongside other financial instruments. If desired, diversify your structured settlement by utilizing multiple annuity issuers, treasury-funded structured settlements, index-linked structured settlement payments, and market-based structured options.
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  • What Are Structured Settlement Annuities?
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  • History of Structured Settlements
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  • What Are Market Based Structured Settlements?
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    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

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  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
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