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April 30, 2019

Pennsylvania Court Rules Against Retiree Investors in "Secondary Market Annuity"

by Structured Settlement Watchdog

Why Are Retirees Investing in Structured Settlement Receivables Allowed to Be Victimized?

The Walls invested almost $153,000 of retirement money in factored structured settlement payment streams that were scam labeled annuities by those that sold them on the investment. Now after more than two years of litigation and a big legal bill, the Walls have $0, as the Western District of Pennsylvania has granted summary judgment in the favor of Altium Group on April 30, 2019. Download Wall v Altium Summary Judgment in Favor of Altium Group

This is the same investment that Altium Group advertised to the masses as having "Unparalleled Safety of Principal"  (see below,  Source: Internet Archive)  Altium Group Secondary Market Annuities ad

The Wall's Retirement Money | From Unparalleled Safety of Principal to $0 and Big Legal Fees

Corona Capital originated the deal in Florida, the factored payment stream was marketed to the Walls as a Secondary Market Annuity despite the fact that the investment was not an annuity.

It turned out that the Corona originated deal was procured by fraud and the court order creating the factored structured settlement payment streams was vacated when the original annuitant filed suit.

Now after a two year odyssey in which they are left with nothing but a pile of legal fees for their $153,000 investment one wonders what better job the legislatures around the country can do about regulating the structured settlement secondary and tertiary markets?

Maybe the FTC can look into claims against those advertising annuities that are not annuities.

As a result of the Wall case, Altium began to includes disclosures on its website. it no longer says "unparalleled safety" as they and others have done. But Altium, like a few other militants continues to use the scam label "secondary market annuities". In December 2018, the  National Association of Insurance Commissioners opined that factored structured settlement payment streams are neither annuities no insurance products.

If you are thinking about investing in Factored Structured Settlement payment streams, think twice!  

 

Posted at 06:26 PM in Risks of Structured Settlement Investments, Secondary Market Annuities | Not Annuities | Don't Be Fooled, Secondary Market Annuty Disaster, Secondary Market Structured Settlements, Structured Settlement Investments, Structured Settlement Payment Rights, Structured Settlement Receivables, Structured Settlement Watchdog®, Truth In Advertising Structured Settlement Factoring |

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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.
  • Rated Ages and Structured Settlement Cost
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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
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    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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