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January 16, 2013


John Darer

Great point. Thank you for sharing that your attorney set it up and you and he/she relied on the S&P ratings which, as anyone who reads the news today knows, is under attack by the United States Department of Justice for an alleged role in the 2008-9 financial crisis.

As I have extensively written, even big companies, like RJR Nabisco (with its pension buyout) were seduced by the ratings. and perhaps became over reliant on them in the Executive Life buying decision. Read my blog post ": Who Shot RJR?"

But it still does not explain why anyone, who was not a minor, would agree to put all their eggs in one basket when so much was riding on it, or why an attorney or financial adviser would do so with their clients with all the red flags out there at the time, that were published and they should have known about, in my opinion. Fortunately for them and unfortunately for you the claims are time barred.

"The idea of not carrying all your eggs in one basket relates to someone who went out to gather eggs from the hen house. You can carry a lot of eggs in a basket, but if you put them all in one basket, then drop that basket, you’ve lost them all. However, if you had two or more baskets, you reduced the chances dramatically of losing all your eggs". from Wizbitsfromdad.com speaking of growing up in Northern Alabama in the 1960s.

I hope that the word you spread is one that is accurate.

I would like to say that I am sorry for what you are going through. I was not in the structured settlement industry when the decision was made to place your son's entire future with such an insurer.

I have tried to present an accurate rendition of history as possible in my blog posts. I realize some of it is painful, but in order to learn from history one has to revisit it.

If more ELNY victims would come forward and share how they came to have all their eggs in the ELNY basket we'd have some interesting statistics. I'd especially like to see sales presentations or written communications. One claimant, Mr. G. has already shared how he purportedly was subject to the preposterous statement by a judge that there "was a greater chance of the sun not shining than ELNY not paying"

As I have written, MetLife, New York Life, Allstate, Presidential, Prudential. They're all still paying. Regardless of fault, the harsh reality remains that had your child's structure been diversified, as has been the standard of practice for years, your child would not be in his or her current predicament.

It's important to clarify that the basis of the class action lawsuit filed by attorney Stone and Mr. Christensen is that ELNY was solvent at the time of its takeover and that the root of your financial loss and that of others is the alleged mismanagement of the New York State Liquidation Bureau and other insurance regulators. As you know that matter was voluntarily dismissed on February 6, 2013 without prejudice and can be refiled.

The lawsuit does not attack annuities or structured settlements. In fact one of the attorneys has concurred about the need to diversify in a Twitter forum.


I am a parent of one of the 1,500 ELNY victims that are left o carry the shortfall.. ELNY was a AAA rated company at the time the Atty set the annuity up. For 18 years, my son did not touch his money as I felt we could use our hard earned income & private insurance (we paid out of our pocket) to provide for him. ELNY got the use of his & our money "free" for 18 years. Someone did benefit and it was certainly NOT the annuitants. I will never buy another annuity & will let others know about your Insurance industry & the BEST rating system. Obviously, your understanding of the word "fiduciary" is different than mine.

ELNY Victim

Why do you insist on blaming the victims? You appear terribly biased against the interests of the victims of this fraud in an apparent but inexplicable effort to excuse your industry's cozily corrupt relationship with scams like NOLHGA and the NYLB. You should spend more time educating yourself about the outrageous history of the plundering of ELNY while it was supposedly being rehabilitated and less time blaming victimes. And, by the way, even though most victims had no role in picking ELNY, it was, in fact, a AAA rated company when it was writing these annuities. Maybe you should post about that. Why antagonize the victims while you show no outrage about the scam that's being perpetrated by those who should be protecting the victims?

Sandi Rabinowitz

As the parent of one of the ELNY VICTIMS, and I do mean VICTIMS, I take offense at your blaming the wrong side in this fiasco. While you continually distance yourself and claim that you never sold their annuities you consistently forget to mention that ELNY was a AAA rated company at the time.
Also, at the end of a 3 week trial, you aren't consulted as to how to proceed with an annuity settlement, you are TOLD by the judge that this is how it's done, case closed!! I guess that's how you're justifying leaving all these disabled folks to fend for themselves, without their much depended on income. Let them go on welfare, who cares?

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Guide to Structured Settlements 2021

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  • Structured Settlement Quote Lock-Ins | What You Need To Know
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  • What Are Structured Settlement Annuities?
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About The Structured Settlement Blog

  • STRUCTURED SETTLEMENTS 4REAL® Blog Is a Popular Source of Structured Settlement News and Information, Settlement Planning News, Tax Deferral and Deferred Income Planning Solutions,
    with a stable readership that seeks credible structured settlement information and/or opinion about topical issues related to settlement planning, targeted to lawyers, injured persons and their family members, guardians, survivors, judges, magistrates, special masters, mediators, administrators, trust companies, insurance company executives and adjusters, financial advisers settlement professionals, financial professionals, insurance regulators, government leaders, federal and state law enforcement, buyers and sellers of structured settlement payment rights, the news media and other interested parties. 4structures.com LLC established the structured settlement blog in 2005 and for over 15 years it has been a leading source for critical commentary. The John Darer authored blog has been among the most prolific, regularly providing fresh structured settlement, settlement planning and litigation recovery management content and commentary . John Darer®, CLU ChFC MSSC CeFT® RSP CLTC, President of Stamford, CT based 4structures.com, LLC, is an experienced New York City area structured settlement expert, structured settlement broker, Certified Financial Transitionist, and Registered Settlement Planner. WHAT YOU GET here is the straight stuff with a touch of irreverence and humor. We hope you enjoy and find the content to be helpful.. Subscribe to the structured settlement blog feed, or a specific category feed through your blog reader, or through the Feedburner icon on this page. Followers of JDDarer™ on Twitter may also receive select content. Thank you for reading!

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  • In my opinion, John Darer is an excellent consumer advocate in the insurance industry. When I had no one else to turn to after running up against the stone walls of these giant insurance company, John Darer used hours of his own time to investigate my situation. Not only is this an invaluable service to me the consumer but it is also of great value to the insurance industry by providing them consumer feed-back. This allows the insurance companies to correct their faults and move toward greater transparency which improves the overall public image of the insurance industry as a whole" JW 9/4/2014
  • John, Keep fighting the fight. -NASP member 12-4-2013
  • John...Thank you for your professional advice-Brandon 11-13-2013
  • "...Thanks to Mr. Darer's blog and personal pointers I was able to obtain a fair price for the sale of client structured settlement. Therefore, if one has no choice, but to sell their settlement educate yourself first before selling start by reading John's blog" Mr P. 11/17/2012
  • "I always appreciate when he (John Darer) keeps us informed on regs and rules. No one does it better"- structured settlement industry colleague and reader RY 7/26/2012
  • "Amen - and continued thanks for your vigilance, John"- RL 8/18/2011
  • "Thanks for writing these great blogs on your site John! As an individual investor I have learned so much about the secondary market (for annuities, structured settlements, lottery payments, etc.) from your blogs and video series!!!" (6/5/2011)
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  • John - I can't thank you enough for bringing this to my attention. In my wildest dreams... PJ-May 12, 2011
  • John, I love reading your blog! Not only have I found very useful information there, but the comedy is much appreciated! Thanks for talking about "the big pink elephant in the living room" that everyone else ignores! Thank you again for your help via phone and blog! I really needed to hear what you had to say today! BM 11/23/2010
  • John—this (video published 11/2010) is a well done piece. I like the way you always stick to the facts-AM
  • What a wonderful blog you have! I have completely enjoyed reading some of your posts (4/16/2010)
  • Thank you so very much for discussing my concerns about Symetra, my annuity company. I am amazed that PI attorneys as well as a settlement broker in San Diego, could not answer the simplest questions I had regarding the Safeco/Symetra issue. Your blog/web site is most interesting and informative, and I am grateful you have take on the "watchdog" role! Thank you so much again (3/25/10)
  • "Keep up the good work exposing abuses in our industry - our future depends on clients being properly advised."-CD
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Structured Settlement Best Practices Corner

  • 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
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
  • Number of States That Prohibit Payment of QSF expenses by licensed agents and brokers
    5 Survey not yet complete.

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Why Take a Structured Settlement?

  • A structured settlement offers guaranteed financial security to personal injury victims, wrongful death survivors and their families. A structured settlement involves a customized stream of payments, provides long-term stable tax-free income, for a period of years or a lifetime. Unlike other income annuities. a structured settlement annuity can have multiple payment streams to address multiple needs in a single contract.

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