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February 22, 2016

BOFI Holdings Inc. Hit With Multiple Shareholder Lawsuits | Allegations of California SSPA Violations in the Mix

by Structured Settlement Watchdog®

Structured Settlement Cash Now Growing Pile of Poop
The Settlement Purchaser Growing Pile of Stink

Structured settlement purchasers continue to generate an ample supply of  "stink with a smile" 

Laborers Pension Trust Fund of Northern Nevada has filed the latest  shareholder derivative action on behalf of nominal defendant BofI Holding, Inc. (“BofI” or the “Company” ) for breach of fiduciary duty, corporate waste and unjust enrichment. Defendants are BofI’s directors – Theodore C. Allrich, James S. Argalas, John Gary Burke, James J. Court, Uzair Dada, Paul J. Grinberg, Nicholas A. Mosich and Edward J. Ratinoff – and its top officers – Gregory Garrabrants, Andrew J. Micheletti, Eshel Bar-Adon, John C. Tolla and Derrick K. Walsh 3:16-cv-00259-BTM-RBB filed February 2, 2016.

Related cases include:
DeYoung v. Garrabrants, et al., and BOFI Holdings, Inc. 3:16-cv-00163-WQH-JMA January 22, 2016
Yong v. Garrabrants, et al., and BOFI Holdings, Inc. 3:16-cv-00241-BEN-WVG January 29, 2016
Calcaterra v Garrabrants et al. and BOFI Holdings Inc. 3:15-cv-20722-BAS-NLS December 3, 2015

Alleged Violations of California Structured Settlement Protection Act |  Penal Code 632
According to the pleadings, on or about December 19, 2013, internal auditor Erhart and his manager Jonathan Ball (“Ball”) were summoned to a meeting with Eshel Bar-Adon, BofI’s Chief Legal Officer. Bar-Adon instructed both employees to remove evidence of the violation of California Penal Code §632 from the Structured Settlements and Lottery Audit. When Ball informed him that Internal Audit could not do that, Bar-Adon instructed Erhart to mark the entire report “Attorney Client Privileged,” stating that the finding could be discoverable in class action litigation against BofI. In addition, Bar-Adon instructed Erhart not to speak to any employee in the Structured Settlements and Lottery Department with whom he was friendly

How are consumers supposed to have faith in structured settlement protection acts if the companies who solicit them are engaging in questionable business conduct?

NASP Member BofI Federal Bank Sued by "Whistleblower" Who Audited Structured Settlements and Lotteries   Feb 8, 2016

 

Posted at 08:27 PM |

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Guide to Structured Settlements 2024

  • What is a Structured Settlement? What You Need to Know
    Structured settlements and what you need to know about them including a helpful introductory video featuring A.M. Best Client Recommended Structured Settlement Expert and Registered Settlement Planner John Darer of 4structures.com LLC
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    How structured settlements work, including 4structures.com LLC's super helpful structured settlement flow chart/diagram showing how structured settlements fit in on the spectrum of settlement planning solutions.
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    Which life insurance companies issue structured settlement annuities in 2024? A list of current structured annuity issuers, the location of their home offices and their financial ratings from A.M. Best, Moodys, Fitch, Standard & Poors and/or other Tier1 NAIC ratings, with links to their websites and other useful information. Last updated June 14, 2024
  • Treasury Funded Structured Settlements
    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
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    Use the Taxable Equivalent Yield chart to help compare the Internal Rate of Return (IRR) of a structured settlement to other alternative or complementary investments. Need help with the chart? Call 4structures.com® LLC at 888-325-8640
  • Structured Settlement Payments | Types of Structured Settlements 2024
    Ways You Can Structure Your Settlement Payments in 2024. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
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    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as capped or uncapped index linked structured settlement annuities where payments are adjusted based on upside changes in the S&P 500 or another index, Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team in 2024.
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    Receiving structured settlement payments from your own structured settlement or inherited structured settlement? You'll like this huge time saver. Click the title for a link to a comprehensive list of customer service telephone numbers that includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, Allstate, Transamerica, AEGON, GE Capital, Liberty, CNA, Confederation Life), oran annuity issuer has changed its name and you're trying to track them down. Here you go! The list is regularly updated. Last updated May 20, 2024.
  • Structured Settlement Quote Lock-Ins | What You Need To Know
    What does a Structured Settlement Lock-In Mean? How do plaintiffs, defendants and insurers benefit from a structured settlement quote lock in when finalizing a settlement? How does the defendant/insurer/court benefit from using a structured settlement lock-in? Where to be careful when using structured settlement lock ins.
  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
  • History of Structured Settlements
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
  • What Are Market Based Structured Settlements?
    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
  • iStructure |Uncapped Fixed Index Structured Settlement Annuity
    iStructure is an innovative game changing fixed index structured settlement annuity for plaintiffs or attorneys. with an intermediate to long term horizon
  • Structured Settlements and Longevity Risk| What Are the Odds?
    Do your financial resources give you enough road, or will the road run out before you do? A structured settlement annuity helps mitigate the risk of outliving your savings, no matter how long you live. A structured settlement can include one or more customized payment streams and types.

Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

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Why Take a Structured Settlement?

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