Portsmouth Virginia Chief Judge Johny S. Morrison has grabbed the reins on the Terrence Taylor case against Structured Asset Funding and Isettlements pending in Portsmouth Virgina Circuit Court, a headline grabbing legal matter that has made the front page of the Washington Post. The Taylor case is one of several pending lawsuits against companies that solicit recipients of structured settlements and buy the rights to the structured settlement payments. In each of the cases there are serious allegations of bad business conduct against the settlement purchasers, who operate in a secondary market segment of the industry, where there is (1) no licensing whatsoever (2) few companies are registered to do business in the states they do business and (3) in some cases, structured settlement annuitants are seen by settlement purchasers like the raw meat tossed to tigers at the zoo "ready for their sales teams to pounce on them"
Judge Morrison was the duty judge of the day in October 30, 2014, a day in which retired judge Dean Sword, Jr. presided over 34 structured settlement transfer cases in under an hour. The notion that the "best interest standard"could possibly have been upheld in those cases with at less than 2 minutes for consideration is obscene. Judge Sword also approved 8 of the 11 Terrence Taylor transactions, the majority of which are subject of the lawsuit against Structured Asset Funding and Isettlements. The optics look awful. The best interest standard is an intrinsic part of state structured settlement protection acts.
Best interest standard in Portsmouth Virginia? "See annuitant who get all booty-eyed, lay'em down and smack'em yack'em"