by Structured Settlement Watchdog
Attorneys for T.D.Bank could have taken time to become informed rather than "misgendering" what jailed Ponzi schemer and disbarred lawyer Scott Rothstein was peddling more than 14 years ago, as "structured settlements", in their efforts to seek a recovery in insurance coverage litigation filed April 6, 2023. in New Jersey Federal Court.
The "misgendering" of the purported investments at the center of the Scott Rothstein Ponzi Scheme of more than 14 years ago and the false and irresponsible association of structured settlements (by the South Florida press, nationally syndicated press, the ABA Journal and former United States Attorney Kendall Coffey) with a Ponzi Scheme was outrageous then, as it is now.
Significant Steps Were Taken by Rothstein to Make Sure What He Was Selling Were NOT Structured Settlements
Jailed Ponzi schemer Scott Rothstein himself stated in a 2011 deposition that they had reason to make sure that what he was selling were not structured settlements because structured settlements would have brought more scrutiny due to the need for court approval of structured settlement transfers.
Here's an excerpt from Scott Rothstein's deposition:
Rothstein: "From that perspective we had reason to make sure that this was not structured. Because when you're dealing with structured settlements you need other levels of Court approval. It would have required the manufacturer of literally hundreds of phony orders, which would have led the entire scheme to detection.
It was intentionally made in a way and presented to that firm and the other firms that were looking at the structure issue that it was merely a purchase of dollars already in-house; that it was not a structured settlement because the true definition of a structured settlement is when someone is actually receiving payments over time that has some other value. We didn't have a true definition of a structured settlement, not by any of the statutes" Rothstein depo Page 24 of 197 lines 15-23. Also see my contemporaneous post Scott Rothstein Deposition: Ponzi Scheme NOT STRUCTURED SETTLEMENTS! - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)
Two years earlier, in November 2009, Harriet Bracky's Column in the Florida Sun Sentinel put it in print, stating about Rothstein's offering that:
Notwithstanding Rothstein's own words and the contemporaenous comments by Harriet Bracky, the definition of structured settlement that appears in the Internal Revenue Code ay IRC 5891(c)(1)(A) is:
(1)Structured settlement The term “structured settlement” means an arrangement—
I covered this extensively to counter the turgid pipeline of misinformation spewed by the South Florida press and a certain former US Attorney beginning in 2009.
TD BANK, N.A., successor by
merger to Commerce Bank, N.A.,
a wholly-owned subsidiary of Docket No. 1:23-cv-01951-RBK-AMD
Commerce Bancorp, Inc.
1701 Marlton Pike East ) Civil Action
Cherry Hill, NJ 08003 ) COMPLAINT FOR BREACH OF CONTRACT AND BAD FAITH, JURY DEMAND
v. CONTINENTAL INSURANCE COMPANY OF NEW JERSEY, NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA,
RSUI INDEMNITY COMPANY, ALLIED WORLD NATIONAL ASSURANCE COMPANY, ZURICH AMERICAN INSURANCE COMPANY AIG PROPERTY CASUALTYCOMPANY, successor to AIG Casualty Company, LIBERTY MUTUAL INSURANCE COMPANY WESTCHESTER FIRE INSURANCE COMPANY and AXIS INSURANCE COMPANY, Defendants