One of my industry colleagues, Settlement Professionals, has a "BIG OLE BUT". Check it out!
"What’s in it for the Casualty Companies and Self-Insured Corporations? MONEY! Money in the form of direct rebates and kickbacks. Look here to read a letter that reveals the names of the Defense-Loyal Structured Settlement Brokerage Firms that engage in rebating, and the shocking admission that those firms make up 70% of the total industry!" Settlement Professionals, Inc.** website.
The "BIG OLE BUT" is how does Settlement Professionals justify use of a letter dated June 25, 2002 to support its very serious allegations of rebating in 2009? The fact is that four of the companies listed in the letter don't even exist today. Is this the best that Settlement Professionals can do?
In another "rumpshaker", Settlement Professionals "gesticulates" with almost 6 year old memo (see "Standard Pre-Settlement Conference Intelligence Almost 6 years old" my post of November 12, 2009).
Settlement Professionals is challenged to prove its allegations as the present (i.e 2009). This author opines that the company CANNOT PROVE that such activity takes place with all of the companies named, and/or to the extent described. By continuing to do so isn't Settlement Professionals is engaging in false advertising simply to gain a competitive advantage? The specific use of the two out of date pieces is tied to Settlement Professionals explanation of "how it limits attorney liability". This author believes that it IS worthwhile for plaintiffs and their attorneys to consult with competent settlement planner. It is another thing however, to use facts that are known by the advertiser to be incorrect in soliciting new business.
If Settlement Professionals cannot prove its allegations currently then it should either remove the posting or qualify the support of its allegation. If it continues to post allegations that it cannot prove in the present, then Settlement Professionals damages the structured settlement industry and in my opinion, demeans the settlement planning industry by implying things it cannot prove currently. The industries deserve far better than that. Note that Rule 11(a) of the Standards of Professional Conduct for Settlement Planners, posted on the Society of Settlement Planners website, entitled "Marketing of Settlement Planning Services", states " A settlement planner shall not make false or misleading statements about the planner, the services the planner is offering, the planner's compensation, or other matters related to settlement planning"
In the meantime in honor of Settlement Professionals going old school...