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August 13, 2015

Was Anyone Tipping "The Scales" on Secondary Market in Tort Claims

by Structured Settlement Watchdog®

Was the singular work of Professor Adam Scales about structured settlement factoring, "cheerleaded" by Patrick Hindert for the best part of a decade,  rooted by outside influences "tipping the Scales"  as it were?  There is evidence to suggest the possibility if one believes a board member of the structured settlement buyer's trade association.

Tipping the scales
Tipping the Scales?

In this excerpt from his LinkedIn profile, Andrew Savysky, an officer of the National Association of Settlement Purchasers (NASP) and executive officer of Structured Asset Funding/123 Lump Sum, says :

"Through NASP, Andrew has presented on industry topics at NASP conferences and has hosted a round table discussion among industry counsel that led to the publication of Professor Adam Scales’ Wisconsin Law Review article, “Against Settlement Factoring?: The Market in Tort Claims Has Arrived”.   Andrew Savysky LinkedIn profile retrieved August 13, 2015  [emphasis added]

Here's how Patrick Hindert, chief structured settlement industry "geyser" for Professor Adam Scales,  gushed about the noble then associate professor in 2009:

"Adam Scales - When Professor Adam Scales first questioned the myth of squandering injury victims in his remarkable 2002 University of Wisconsin Law Review article titled: "Against Settlement Factoring? The Market in Tort Claims has Arrived", he was reviled by leaders of the primary structured settlement market. Seven years following the publication of Professor Scales' article, structured settlement and settlement planning leaders continue to quote false dissipation statistics and mis-characterize existing dissipation studies to promote a negative and false psychological and financial profile of injury victims".

Scales' "one hit wonder" was cited over and over by then NYU law student Jeremy Babener, then Indiana law student Laura Koenig (in her disastrous law Indiana law school school paper, which I reviewed in 2007) and more recently, another law student from Hofstra University in New York.

Old-faithful

Old Faithful, "Old Yeller" or "Old Jello"

The publication of Scales' paper coincided with the passage of the Victims of Terrorism Tax Relief Act (VTTRA), which became effective in January 2002. The structured settlement relevant portion of the VTTRA was intended to establish rules to help protect structured settlement annuitants from the pillaging of their structured settlements by opportunistic profiteers by imposing an excise tax of 40% if certain conditions were not complied with.

 

 

Posted at 03:56 PM in National Association of Settlement Purchasers (NASP), Secondary Market "Structured Annuities", Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Industry News, Structured Settlement Transfers, Structured Settlement Watchdog® |

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  • What Are Structured Settlement Annuities?
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  • History of Structured Settlements
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