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November 26, 2024

SuttonPark Victim in Connecticut Could Lose Home

by Structured Settlement Watchdog

Real world consequences to the SuttonPark fiasco and structured settlement payment servicing

Betsy Ross was laid off from her job with an insurance company with no severance at the end of October 2024. To compound things her structured settlement payments are severely affected by the SuttonPark servicing fiasco. Without the income from the job and no severance, if she doesn't receive the due payments, which she depends on to pay her home mortgage, she may lose her Connecticut home. on time she may lose her house.  What an utterly disgraceful situation!

Background to Betsy Ross Structured Settlement

Betsy Ross (alias) entered into a structured settlement in 2009 that was funded with a US LIfe (originally AI LIfe of New York before merger with US Life) structured settlement annuity.  Shortly after her structured settlement was placed (just about immediatelyeately) she was forced to sell some of the payments (see link below this paragraph). I questioned at the time whether she was over structured on this blog and to this day believe that she was. Betsy Ross' funding was delayed for months due to the shortage of capital available to the funder, Structured Asset Funding in the aftermath of the 2008-2009 financial crisis. The annuity issuer is not known to split payments. Upon information and belief, Structured Asset Funding at the time had its own servicing company. 

See my July 28, 2009 blog post Factoring Company Servicing of Structured Settlements MAY NOT Get You Payments on Time - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews

How did Betsy's payments end up at SuttonPark?

Josh Wander "started his career in 2003 when he joined Structured Asset Funding shortly after graduating from the University of Florida with a bachelor’s degree in finance. During his tenure at Structured Asset Funding, Josh Wander was responsible for the sale, acquisition, and aggregation of more than $2 billion of annuities and structured settlements". Source: Joshua Wander Florida | Managing Partner and Founder at 777 Partners | F6S Member Profile

In 2010 Wander joined SuttonPark Capital and in 2015 he co-founded 777 Partners.

Payment "Servicing Agreements Traded Around Like Baseball Cards" ?

An industry source revealed that it's common knowledge that "factoring companies trade their servicing portfolios around like baseball cards" . Common knowledge to who? To life insurance companies that issue structured settlement annuities?   To an annuitant that may be close to losing her home?

Fast forward to 2024

Lawsuit Claims 777 Partners "Operating Giant Shell Game At Best and Outright Ponzi At Worst" - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews

777 Partners fall into bankruptcy months after Everton takeover bid failed - Liverpool Echo October 2024

 

 

Posted at 01:41 PM in Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Payment Rights, Structured Settlement Protection Acts, Structured Settlement Watchdog®, Sutton Park Nightamre, SuttonPark Servicing |

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Guide to Structured Settlements 2025

  • 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
  • How Do Structured Settlements Work? How Structured Settlements Work
    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
    Rated Ages for Structured Settlement Annuities present advantages to all parties. Shift the mortality risk to a life insurance company which specializes in assessing mortality risk to price its life insurance and annuity products. Rated ages boost your structured settlement annuity benefit per premium dollar, or your yield on lifetime payments. Rated ages help to reduce the cost of funding a Medicare Set Aside arrangement where a Structured MSA, is being used [WCMSA, LMSA or NFMSA].
  • Top Structured Settlement Annuity Companies 2025
    Which life insurance companies issue structured settlement annuities in 2025? 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 November 3, 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.
  • Compare Structured Settlement IRR to Other Settlement Alternatives
    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 2025
    In 2025, you can structure your settlement payments in various ways. A structured settlement allows for multiple payment types within one agreement. You can tailor and merge different structured settlement payments to suit your individual needs, either alone or alongside other financial instruments. If desired, diversify your structured settlement by utilizing multiple annuity issuers, treasury-funded structured settlements, index-linked structured settlement payments, and market-based structured options.
  • Structured Attorney Fees for Tax Deferral for Attorney Contingency Fees
    Structured attorney fees offer a financial strategy that provides a unique method for deferring taxes for attorneys and their firms. Attorneys can structure or defer their legal fees independently of whether the plaintiff structures their settlement. There are various ways to structure attorney fees, including capped or uncapped index-linked structured settlement annuities with payments adjusted according to the S&P 500 or another index's positive changes. Trial lawyers might also opt for a special deferred payment/compensation arrangement if they seek market-based returns without a cap. As the year-end approaches, consider adding structured attorney fee specialist John Darer® to your settlement planning team for 2025.
  • Structured Settlement Annuity Company Customer Service Phone Numbers
    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 December 9, 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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