by John Darer CLU ChFC CSSC RSP CLTC
A Florida judge has today ordered a hearing December 9, 2014 regarding EPS Settlements motion to dismiss the action against it and former broker John Cantwell concerning placement of structured settlement annuities in the mid-1980s with now liquidated Executive Life Insurance Company of New York (ELNY).
In this litigation and similar litigation now pending in Oregon against Ringler Associates, Plaintiffs seek to work around the statute of limitations by alleging, in part, that the subject annuity contracts were placed in states where ELNY was not licensed to sell insurance and thus violated state statutes, actions from which, they contend are not time barred.
Annuities are a form of insurance contract.
Note: EPS Settlements was not actually in existence at the time the subject ELNY structured settlement annuities were placed on the Florida plaintiffs. EPS has been inveigled in the lawsuit due to legacy business written through Kenneth Wells & Associates, an agency rolled up into EPS, along with Benefit Designs, Inc. and TSSC about 15 years ago.