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June 22, 2010

Spencer v Hartford Class Action Settlement: Only Clean Mirrors Reveal True Reality

Those in the structured settlement and settlement planning industry aiming to leverage the Spencer v. Hartford case for marketing purposes should reflect on their own actions

A specific class carved out of the class action lawsuit included those who settled with Hartford insureds with a Hartford Life structured settlement BUT, were represented by a plaintiff structured settlement broker or settlement planner.

While you can count me as someone who had disdain for The Hartford's erstwhile "all or nothing" structured settlement business decision, there are questions to be asked of those who now have aspirations to burn The Hartford and other insurers in effigy.

Burning_in _effigy_md_clr

Inconvenient Questions

  1. How many of those now using Spencer v Hartford as a tool with plaintiff lawyers accepted a share of commission on structured settlements from Hartford insured cases THEN, when they had knowledge that there was "deal" in place?
  2. How many of them were affiliated, at any relevant time covered in the lawsuit, with general agents who signed agreements with The Hartford to accept a lower rate of commission on cases settled with Hartford insureds?

Ironically, one of the plaintiff attorneys in the class action, Richard B Risk, Jr.  (" Dick Risk"), who was recently given a lifetime achievement award by the Society of Settlement Planners ("SSP"), in part due to the result of the suit, was a licensed insurance agent and structured settlement broker for the early portion of the relevant times covered by the suit.

It's disheartening to see some in my industry take this path. However, there's a certain irony in considering that eventually, the link will be made between these excessive marketers and their own lack of transparency.

"Reality Is Only Seen When The Mirror Is Clean"-Unknown

Posted at 11:01 AM in Hartford CT Structured Settlements, Hartford Financial Services Group, Richard B. Risk, Jr. | Commentary About Dick Risk and his Positions, Settlement Planning Ethics, Society of Settlement Planners (SSP), Spencer v Hartford, Spencer vs Hartford, Structured Settlement Broker Business Practices, Structured Settlement Class Action |

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