by John Darer® CLU ChFC MSSC RSP CLTC
A Florida Federal Court judge has granted the Defendants' motion to dismiss in the ELNY related class action filed by Curtis Moore, et al., against EPS Settlements and John Cantwell, with prejudice. The outcome for the structured settlement brokers is more favorable than the partial grant awarded Ringler Associates by an Oregon Federal Judge in a parallel legal case.
Both actions stem from the placement of structured settlement annuities with junk bond bloated Executive Life Insurance Company of New York in 1985 and 1986 time frame. The company ultimately failed, went into rehabilitation during which time it was allegdly mismanaged by the New York Liquidation Bureau and/or its designees ultimately necessitating a liquidation that left hundreds with shortfalls. The lawsuits are part of an ongoing effort to recover money for the victims.
Philadelphia's Drinker Biddle and Reath LLP is handling the defense of Ringler Associates in its class action.