Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews

Settle4Cash Howler on "Structured Settlement Companies" Financially Reviewed by Undisclosed INACTIVE CPA

by Structured Settlement Watchdog

Purchasers of structured settlement receivables continue to try to commandeer the term "structured settlement companies" through surrogates. 

Settle4Cash

Bogus 1 "Structured settlement companies buy future settlement payments by paying cash to the seller. Structured settlements are often given to individuals by insurance companies due to a personal injury or other lawsuit. They provide monthly tax-free income, usually over the course of several years".  Lauren Ward January 2, 2025. Financially Reviewed by Stephen Sylvester, CPA.

1. According to his LinkedIn profile Stephen Sylvester is CPA (inactive) .  Why is Settle4Cash promoting Stephen Sylvester as an active CPA when Sylvester himself doesn't do that on his LinkedIn?
2. "Transferee."  The party acquiring or proposing to acquire structured settlement payment rights through a transfer. Source; PA Structured Settlement Protection Act Section 2  (Definitions) Act of Feb. 11, 2000,P.L. 1, No. 1 Cl. 12 - STRUCTURED SETTLEMENT PROTECTION ACT
3. The 2024 Florida Statutes (including 2025 Special Session C) 626.99296Transfers of structured settlement payment rights.—(2)

   (r)     Transfer” means a sale, assignment, pledge, hypothecation, or other form of alienation or encumbrance made by a payee for consideration.

   (s) “Transfer agreement” means the agreement providing for transfer of structured settlement payment rights from a payee to a transferee.

   (t) “Transferee” means a person who is receiving or who will receive structured settlement payment rights resulting from a transfer.

    

   4. Structured settlements are not gifts from insurance companies. Structured settlements are a form of consideration in a negotiated settlement of a claim or lawsuit for damages, most commonly arising from a personal physical injury, physical sickness, wrongful death or workers compensation.

    

   5. There many different payment modes of structured settlement payments. See Types of Structured Settlement Payments | Structured Settlement Payment Options.   Payments are not limited to a frequency of monthly.

    

   Surely, if Sylvester says he's an inactive CPA on LinkedIn then why is " Tweety" not getting it?

    

Bogus 2 "A structured settlement company is a business that purchases the right to receive future payments from a structured settlement, typically in exchange for a lump-sum payment. These companies, also known as structured settlement annuity buyers, offer a way for individuals receiving periodic payments from a settlement to access their funds earlier than the schedule outlined in the settlement"

Accurate information is so readily available that the statement by Lauren Ward that the acquirers of future periodic payments from a structured settlement (i.e. structured settlement receivables) are structured settlement annuity buyers is prima facie evidence of lack of subject matter expertise, poor research skills and utter failure of Lauren Ward to comprehend the subject matter when authoring and Sylvester lack of comprehension when "financially reviewing" Ward's article.  Why has Lauren Ward and Settle4Cash not qualified that Sylvester is NOT an active CPA in public facing marketing?

Settle4cash was originally associated with Settlement Capital Corporation, a former structured settlement company from Dallas Texas A YouTube channel in the name of Settle4cash features 12 year old videos from  starring attorney Matt Bracy. AXDS Axons Digital Solutions Ltd  209 Arch. Makarios III Avenue, Fytides Court, Office 301 Limassol 3030, Cyprus

My interest as The Structured Settlement Watchdog®  is as it always has been, to assure that consumers have the clearest path to acccurate information about structured settlements.

Unlike the structured settlement primary market, which is highly regulated and an active license is required to place structured settlement annuities,  the structured settlement secondary market's lack of regulatory oversight of advertising and sales practices is a factor that has led to exploitation of less sophisticated structured settlement payees and horrible outcomes

 

 

FAST (Fast Annuity Settlement Transfers) Wins Canard of The Day for Not Knowing Its Stuff

by Structured Settlement Watchdog

FAST (Fast Annuity Settlement Transfers) is the Latest Mallardy in Structured Settlement Canard of the Day

"No, your structured settlements don’t get taxed by the government!" says FAST (Fast Annuity Settlement Transfers ) of Boca Raton, Florida.  So why is what these FAST folks are saying, simply quackers?

Key points for discussion

• A structured settlement is a vessel for the payment of damages.
• The taxation of structured settlement payments depends primarily on the type of damages the payments represent, rather than the structured settlement itself

IRC Section 104(a)(1) excludes from gross income amounts which are received by an employee under a workmen's compensation act (such as the Longshoremen's and Harbor Workers' Compensation Act, 33 U.S.C., c. 18), or under a statute in the nature of a workmen's compensation act which provides compensation to employees for personal injuries or sickness incurred in the course of employment. Section 104(a)(1) also applies to compensation which is paid under a workmen's compensation act to the survivor or survivors of a deceased employee. However, section 104(a)(1) does not apply to a retirement pension or annuity to the extent that it is determined by reference to the employee's age or length of service, or the employee's prior contributions, even though the employee's retirement is occasioned by an occupational injury or sickness. Section 104(a)(1) also does not apply to amounts which are received as compensation for a nonoccupational injury or sickness nor to amounts received as compensation for an occupational injury or sickness to the extent that they are in excess of the amount provided in the applicable workmen's compensation act or acts. See, however, §§ 1.105-1 through 1.105-5 for rules relating to exclusion of such amounts from gross income.

IRC Section 104(a)(2) In general. Section 104(a)(2) excludes from gross income the amount of any damages (other than punitive damages) received (whether by suit or agreement and whether as lump sums or as periodic payments) on account of personal physical injuries or physical sickness. Emotional distress is not considered a physical injury or physical sickness. However, damages for emotional distress attributable to a physical injury or physical sickness are excluded from income under section 104(a)(2).

Section 104(a)(2) also excludes damages not in excess of the amount paid for medical care (described in section 213(d)(1)(A) or (B)) for emotional distress. For purposes of this paragraph (c), the term damages means an amount received (other than workers' compensation) through prosecution of a legal suit or action, or through a settlement agreement entered into in lieu of prosecution.

Source: Code of Federal Regulations

IRC 139F  Wrongful Incarceration Damages and Restitution

Wrongful Incarceration Damages.  Under this exclusion, a wrongfully incarcerated individual does not include in income any civil damages, restitution, or other monetary award received that relates to his or her incarceration for the covered offense for which he or she was convicted (wrongful incarceration exclusion).

Non Qualified Structured Settlements involve customized payment streams for the payment of taxable damages, or matters with elements of taxable damages. Read more What are Non Qualified Structured Settlements and Non Qualified Assignments for Tax Deferral

 

 

Structured Settlement Receivables Are Misleadingly Marketed as Annuities | Investors Beware

by Structured Settlement Watchdog

WARNING! Just Because Marketers of Structured Settlement Receivables Advertise and Call them Annuities Doesn't Mean They Are Annuities, or That You Are Staring Down the Barrel of an Investment in an Annuity

SMA misleading Marketing as Annuity Example #1

"In the intricate tapestry of financial investments, secondary market annuities (SMA) represent a distinctive and often
misunderstood thread. At their core, SMAs are not newly issued financial products but rather existing annuity contracts that have been resold in the secondary market. These annuities originally arise from various sources, most commonly structured settlements from personal injury claims, lottery winnings, or similar circumstances where the annuity is awarded as a long-term income stream."  from "What Are Secondary Market Annuities?" Curt Gibbs Structured Wealth Strategies Manchester TN  (retrieved April 18, 2025), which includes an image of a fanned out wad of "marked" $100 bills.

Structured Wealth Strategies "intricate tapestry" presentation is fundamentally inaccurate and should not be relied upon by an investor considering buying the investment.

Behold a "stitch in time" from the Structured Settlement Watchdog®...

• A settlement is a compromise.
• Settlements are negotiated
• A structured settlement can be part of the coinsideration for the settlement of a legal claim or a lawsuit.
• Anyone who understands how structured settlements are established knows that the payee is not the owner of an annuity contract.
• The payee can't sell what he or she does not own.
• Anyone who understands how structured settlements are established knows that a structured settlement annuity is not awarded. 
• While a minor's settlement will need to be approved by a judge, it's still not awarded.
• Anyone who understands a structured settlement factoring transaction knows that it it is a transfer of structured settlement payment rights ("structured settlement receivables")
• Why would anyone who understands structured settlement factoring transactions solicit investors while intentionally labeling structured settlement receivables as an annuity?

What's an annuity under Tennessee law?

1. RULES OF THE TENNESSEE DEPARTMENT OF COMMERCE AND INSURANCE INSURANCE DIVISION CHAPTER 0780-01-86 SUITABILITY IN ANNUITY TRANSACTIONS. 

780-01-86-.05 DEFINITIONS
(1) “Annuity” means an annuity that is an insurance product under state law that is individually solicited, whether the product is classified as an individual or group annuity. 0780-01-86.20230417.pdf

2. Structured settlement receivables are not an insurance product see National Association of Insurance Commissioners ( NAIC) Statutory Issue Paper No. 160 (finalized April 6, 2019)

3. Tennessee and 80% of US states have adopted the 2017 Revisions to the Life & Health Guaranty Associations Model Act, which expressly excludes acquired rights to receive payments regardless of when acquired. In plain words no grandfathering.

§ 56-12-204. Scope of coverage; limitations and exclusions, TN ST § 56-12-204

(B) A person who acquires rights to receive payments through a structured settlement factoring transaction as defined in 26
U.S.C. § 5891(c)(3)(A), regardless of whether the transaction occurred before or after that section took effect.

Why would ANY company like Strategic Wealth Strategies elect to push receivables as annuities?

And I haven't even touched the structured settlement servicing risk  For a recent extreme example, see SuttonPark Commentary here Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews: Structured Settlement Receivables

Why is Payment Servicing not Mentioned in Strategic Wealth's marketing materials?

 

 

 

 

 

Eastern Point Trust Sues Flatirons Bank and Co-Conspirators Over Conspiracy and QSF Trade Theft

by Structured Settlement Watchdog

Following its recent settlement with the Town of Lovell Wyoming, a legal complaint was filed April 2, 2025 by Eastern Point Trust Company against multiple defendants for misappropriation of trade secrets, conspiracy and other violations. ​ Here is a summary:

Parties Involved

• Plaintiff: Eastern Point Trust Company, a corporation from the U.S. Virgin Islands. ​
• Defendants include Flatirons Bank, of Boulder CO, FBHC Software LLC of Boulder CO, Timothy Krochuk of Boston MA, Trellis Software Inc., of Boston MA and unidentified John Doe individuals. ​

Jurisdiction and Venue ​

• The case is filed in Fauquier County Circuit Court, Virginia, due to the amount exceeding $25,000 and binding agreements. ​
• Defendants are subject to Virginia jurisdiction due to business transactions and tortious injuries occurring in the state. ​

Allegations of Fact ​

• The complaint alleges a conspiracy called "Justice Escrow" aimed at injuring Eastern Point through the theft of proprietary information. ​
• The complaint  alleges that "this action arises from Flatirons, FBHC, Krochuk, and Trellis, together with Nicholas Coccimiglio and his agent(s) (collectively referred to as "Coccimiglio"); and unidentified John Does; and unnamed others, associating or combining in a joint venture or conspiracy (hereinafter referred to as "Justice Escrow") to willfully and maliciously injure and obtain an unfair business advantage over Eastern Point through the clandestine and surreptitious misappropriation of the proprietary information and intellectual property, including but not limited to trade secrets, business methods and processes, enabling Eastern Point's innovative QSF 360™ platform (the "EPTC Method") and brazen cloning, redeployment, and repackaging of the EPTC Method as a Justice Escrow product"  [Complaint at 11]
• Eastern Point developed the QSF 360™ platform, which revolutionized the Qualified Settlement Fund industry, allowing rapid qualified settlement fund establishment. ​
• Coccimiglio was intimately familiar with Eastern Point and its revolutionaiy QSF 360™ platform, having previously engaged with Eastern Point on hundreds of occasions to facilitate the establishment of QSFs. Through the QSF 360 limited-use license, which Coccimiglio acknowledged by his aforementioned use and execution of agreements, he recognized the enormous financial potential of developing a product capable of competing with the QSF 360 platform.  [ Complaint at 22]
• Coccimiglio lacked the tax or legal knowledge, experience, or ability to create such a competing product. Because Coccimiglio did not have the experience nor financial bona fides necessary to establish a trust services company, Coccimiglio enlisted Flatirons, as part of the joint venture, to serve as the storefront for Justice Escrow. [ Complaint at 23 and 25]
• Nor did Coccimiglio or Flatirons have the technical expertise necessary to build the electronic platform needed to facilitate the various technical processes and user interactions required of an automated QSF service. So, Coccimiglio and Flatirons enlisted Krochuck into the joint venture to spearhead that aspect of Justice Escrow. { Complaint]

Misappropriation of Trade Secrets ​

• According to the Complaint, Justice Escrow allegedly accessed Eastern Point's QSF 360™ platform using unauthorized credentials to steal proprietary methods and processes. E​astern Point estimates that Justice Escrow engaged in nearly 7,000 interactions with the QSF 360™ platform, reaffirming their knowledge and acceptance of the Terms of Use, Privacy Policy, Trust Ware terms, the underlying Account Agreements, and documents each time. 
• The defendants are accused of creating a competing platform that closely resembles Eastern Point's offerings, with up to 100% similarity in some documents. ​

Legal Claims

The complaint against Flatirons Bank et al. includes multiple counts:

1. Breach of Non-Compete and Non-Disclosure Provision
2. Breach of Trade Secrets and Confiudential Information Provision
3. Breach of Limited Use License Provision
4. Breach of Industrial Espionage Provision
5. Breach of Unjust Enrichment Provision
6. Breach of Use of Copyrights and Trademarks Provision
7. Violation of Virginia Trade Secrets Act
8. Tortious Interference with Contract
9. Violations of the Virginia Computer Crimes Act- Va. Code§ 18.2-152.12
10. Common Law Conspiracy
11. Conspiracy to Injure a Business - Va. Code § 18.2-500

Prayer for Relief ​

• Eastern Point seeks compensatory damages of $3.5 million, punitive damages, and injunctive relief against further breaches. ​
• Eastern Point also requests various forms of financial compensation, including $150 million for loss of market position and $100 million for market erosion. ​
• The plaintiff also seeks attorney's fees, pre-judgment interest, and a permanent injunction against the defendants.

Notables not in the Complaint

• FlatIrons Bank Financial Reports as of December 31, 2024, updated February 13, 2025, show regulatory capital of $32 million plus.
• The purpose of regulatory capital is to ensure the financial stability of the banking system by absorbing potential losses and protecting depositors. 
• The damages sought by Eastern Point Trust Company in the suit are 10 times Flatiron's Bank's regulatory capital
• Nicholas J. Coccimiglio, also known as Nick Coccimiglio. is a settlement planner associated with Justice for Life in Alpine Wyoming.

Read the Complaint in Eastern Point Trust Company v Flatirons Bank et al. Download Justice Escrow Filed Complaint 4-2-2025

Lovell, WY Settles Intellectual Property Infringement Claims With Eastern Point Trust Company

Wyoming Intellectual Property Settlement

Coal Creek Law of Cheyenne Wyoming announced, on behalf of its client Eastern Point Trust Company (Eastern Point), the final settlement and resolution of intellectual property infringement claims brought by Eastern Point against the Town of Lovell, Wyoming (Lovell). The settled claims included, but were not limited to, evidence of Lovell's infringement of Eastern Point’s Collective Intellectual Property according to a March 19, 2025 press release, issued earlier this morning.

Lovell Town Attorney Alexa Rolin of Copenhaver, Kitchen, and Kolpitcke is quoted in the March 6, 2025, Lovell Chronicle article (https://www.lovellchronicle.com/content/town-lovell-terminates-qsf-agreement-colorado-bank) as saying, “‘The town is no longer working with Flatirons in any capacity,’ she said. ‘The agreement is terminated.’” The same Chronicle article further stated, “In a follow-up interview on March 3, Rolin explained that the vote on the settlement agreement the previous week had the effect of an immediate termination of the QSF relationship with Flatirons Bank.”

Eastern Point Trust Company Said

Sam Kott, Vice President and Corporate Counsel, commented, “Eastern Point invested heavily in its pioneering intellectual property and leads the Qualified Settlement Fund industry in innovation and proprietary process development. We are grateful to the Town of Lovell’s leadership for quickly resolving the matter and ceasing all associated activities.” Additionally, Mr. Kott noted, “Without exception, Eastern Point will vigorously defend its property rights and pursue all infringements to the fullest extent of the law, which provides relief and enforcement through both civil and contractual rights avenues.”

In related comments, Edward “Ned” Armand, CEO and chairman of Eastern Point, observed, “Federal and state laws prohibit the misappropriation of trade secrets, industrial espionage, and related infringement activity. Eastern Point will, in every instance, enforce its rights using all available avenues and tools against all infringing parties.’ He stated, “No ethical businessperson will justify misappropriating or otherwise converting another business’s trade secrets and IP property as an allowable or defensible action.”

For more information, please get in touch with Sam Kott, as shown below.

About Coal Creek Law

Coal Creek Law (Evans, Bush, Coppede & Wilkens) is an experienced Rocky Mountain and Great Plains law firm in Cheyenne, Wyoming. It provides legal counsel in Wyoming, Colorado, and Nebraska. Coal Creek strives to provide results-oriented and value-driven legal support to individuals and businesses.

About Eastern Point Trust Company

Eastern Point Trust Company is a leading innovative trust and trust administration service provider that delivers personalized solutions for attorneys, individuals, families, and institutions. With a steadfast commitment to excellence and integrity, Eastern Point Trust Company offers a comprehensive range of trust-based and ministerial solutions. Moreover, it continues to lead the way in the trust and settlement administration industry, focusing on innovation, speed, and customer satisfaction. Eastern Point Trust Company is committed to delivering cutting-edge solutions that empower the Qualified Settlement Fund Administration and settlement industry to achieve its goals.

Image © Jakub Jirsak

SuttonPark Nightmare | Poor Credit Ratings Explained by Morningstar DBRS

by Structured Settlement Watchdog

The "Dr. Sleuth" Invocation

The week before Thanksgivin' (2024), and all through da house, nobody was stirrin, not even a mouse.

People wanted aid, so their bills could get paid

A lady feared losing her house, when it seemed that nobody  at SuttonPark was "in da house" 

SuttonPark customers they called and called, but their payments were stalled and stalled

The recorded information was wack and unreliable. Nobody called back, it was undeniable.  

All those late charges built up, the whole situation was "fupped duck".

The March 2025 Morningstar Report on SuttonPark Structured Settlements 

"There was a steep drop in collections in November for all transactions, primarily attributed to the migration from the former lockbox to the replacement lockbox. This is expected to be a one-off event and collections should stabilize on future payment dates.- The generally high credit quality of annuity providers and their improved capitalization positions and risk-management frameworks, which have been enhanced since the global financial crisis of 2008-09"

Source: SUTTONPARK 2021-A: DBRS Keeps BB Rating of D Notes Under Review Troubled Company Reporter March 9, 2025  Section: Vol. 29; ISSN: 1520-9474

Sounds very santitized, but in reality it was a huge mess and customers were kept in the dark. What little information there was, it was often not credible. For example when a SuttonPark recording said payments would go out in 3 days, people were complaining that this was not accurate. in some cases payments were a month late.

The SuttonPark Story Should Make a Business School Case Study

SuttonPark is the worst handled disaster in structured settlement factoring history, in my opinion. MBA students should study the business of SuttonPark, the decision making and how it all went wrong.  What could SuttonPark have done better? Plenty. What kind of a reputable business whose parent is described as "a shell game at best and a Ponzi scheme at worst"?  What kind of reputable business puts their customers in the dark and in such a precarious position that they cannot pay their bills on time, leading to accumulated late charges on mortgages, rents and other bills?  I fielded more than 24 hours worth of calls about SuttonPark and published victim impact stories so that the harm done to these people could be known. 

Some SuttonPark victims were injury victims who made partial sale of structured settlement payments to raise money, while some of the others were investors in structured settlement receivables who believed they were buying annuities due to misleading advertisng and marketing. The term "secondary market annuity" was commonly used to pitch the investment instead of the receivables that they are. 

 

SuttonPark Under Morningstar DBRS Lens Given Review With Negative Implications - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews July 24, 2024

Protective Life Cedes Blocks of Structured Settlement Annuities to Resolution Life

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Protective Life Corporation, a subsidiary of Dai-ichi Life Holding, actively manages structured settlement annuities through its operating subsidiaries.

Structured settlements provide recipients with periodic payments over time and are often used in legal settlements such as personal injury cases. Protective Life ensures the administration these settlements, offering customer and handling of policy details.

When Liberty Life Assurance Company of Boston was sold to Lincoln Financial Group in 2018, the structured settlement book of business was then reinsured by Protective Life, which handles structured settlement customer service for former Liberty Life Insurance Company of Boston annuitants. See Structured Settlements Customer Service | Protective Life

My contemporaneous coverage

Liberty Life Assurance Company of Boston to be Acquired by Lincoln Financial Group - Structure d Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews  January 19, 2018

Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews: Protective Life Insurance Company October1, 2019

Recently, Protective Life entered a significant reinsurance agreement with Resolution Life, ceding $9.7 billion in reserves, including structured settlement annuities, to mitigate market risks and free up capital

• The agreement will see Protective's operating subsidiaries, Protective Life Insurance Company and West Coast Life Insurance Company, ceding specific blocks of structured settlement annuities as well as secondary guaranteed universal life policies to Resolution Life.  
• Protective will retain the administration of the policies. 
• The move is set to mitigate market risk and free up capital for Protective, enabling the company to invest in growth opportunities. 
• Protective plans to expand through acquisitions and strengthen its core retail businesses, which include protection, retirement, asset protection and employee benefits, while continuing to offer its “no-lapse” guaranteed universal life policy.  

Who is Resolution Life?

Who is Dai-Ichi Life Holdings?

 

Lovell Wyoming Ends QSF Business with Flatirons Bank and Justice Escrow after Eastern Point Settlement

by Structured Settlement Watchdog

The Town of Lovell Wyoming is out of the QSF business

On February 25, 2025, the Lovell town council voted to accept a settlement agreement with Eastern Point Trust Company, which  threatened legal action over the Lovell arrangement with Flatirons Bank and Justice Escrow to provide a vehicle for qualified settlement funds. When the arrangement was established in 2023, it was meant to bring in revenue in filing fees to the town of Lovell "as the government agency of record". However, as I observed in January, at 80 deals at $25 it appears to have been a very insignificant moneymaker.  Even with a funded QSF which would have brought nominal additional fees, the Town of Lovells would have had to consider the dire cost benefit analysis. 

_________________________________________

What Is A Qualified Settlement Fund §468B-1

QSF is an abbreviation for Qualified Settlement Fund.

__________________________________

What is Justice Escrow?

According to its December 18, 2024 trademark application to the United States Patent and Trademark Office, by FBHC Software  LLC, Justice Escrow is involved in "Claims administration in the field of Qualified Settlement Funds for use by financial institutions, attorneys, and their clients and related to the management of settlement funds received from legal matters; Fiduciary tax payment reporting and processing services; Management and accounting for the distribution of Qualified Settlement Funds for use by financial institutions, attorneys and their clients and related to settlement funds received from legal matters; Electronic processing of information, data, and documentation for the management and administration of settlement funds received from legal matters; Maintaining, administering, managing, and tracking escrow accounts for financial institutions serving as administrators or escrow agents, attorneys and their clients who have received settlements in legal matters; Structured settlement services, namely, facilitating the funding and assignment of structured settlements to insurance companies for attorney fee disbursements; Structured settlement services, namely, facilitating the funding and assignment of structured settlements to insurance companies for disbursements of settlement funds to clients; Identity Management services to collect sensitive information directly from the owner of that information, then store and share sensitive information when required and approved".  The USPTO entry claims a first use anywhere date of August 1, 2024.  See JUSTICE ESCROW Trademark Application of FBHC Software LLC - Serial Number 98910324 :: Justia Trademarks

Didn't Lovell Already Vote to Terminate the QSF Agreement with Flatirons Bank?

Wyoming Town Nixes QSF Agreement with Flatirons Bank After Intellectual Property Infringement Claim - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews January 31, 2025

Summarizing from the Lovell Chronicle Published Articles

1. The Lovell Town Council initially voted on January 24 to terminate the QSF agreement with Flatirons Bank immediately.
2. The Lovell Town Council met again on January 29 to discuss a proposed compromise settlement agreement with Eastern Point Trust Company but tabled the agenda item
3. The Lovell Town Council met again on January 30. During the January 30 meeting, which was attended by representatives of Flatirons Bank, the council voted to reject the compromise settlement agreement and stick to the 90-day termination provisions in the contract with Flatirons Bank.
4. The council addressed the QSF issue again during the regular council meeting on February 11, which was attended by Flatirons Bank president Kent Jones, who stated that Flatirons valued the relationship the bank had with the Town of Lovell and emphasized the bank’s support for the indemnification provisions within the QSF agreement. Lovell Mayor Tom Newman told Jones at the February 11 meeting that the town would be looking into outside counsel for a second opinion in the area of tax law. [ “We don’t touch the funds,” Mayor Tom Newman emphasized in August 2023, noting that the town would, in essence, act as an auditor to make sure funds come in and go out through the QSF. The filing fees could be substantial over time, he said. Hmm}
5. The council then called a special meeting on Wednesday, Feb. 19, to sign an engagement letter that would allow the council to hire outside legal counsel to advise the town. Town Attorney Alexa Rolin of Copenhaver, Kitchen and Kolpitcke in Powell WY, worked closely with and advised the town throughout the weeks of the QSF issues.
6. On February 25, 2025 the Lovell council held a special meeting and the council immediately went into a closed executive session to discuss the matters surrounding potential litigation and "emerged three hours later looking long-faced and exhausted", then voted to enter into the Eastern Point settlement agreement 4-1.
7. In a follow-up interview on March 3, Rolin explained that the vote on the settlement agreement the previous week had the effect of an immediate termination of the QSF relationship with Flatirons Bank. 
8. The best interest of the Town of Lovell and its citizens was paramount.

What Were the "QSF Issues" referred to by Lovell Chronicle's David Peck?

What Specific QSF issues were raised that led the decision makers to act in the Best Interest of the Town of Lovell and its citizens by terminating the Flatirons agreement?

What lessons will be learned by others? What should be learned?  

 

 

Settlement Planner Entity to Settlement Planner Entity Structured Settlement Receivables Trade in 2022

by Structured Settlement Watchdog

One settlement planner related entity sold structured settlement receivables to another settlement planner related entity Court records in Texas show in a 2022 case. 

DEVELOPING STORY

 

What Should SuttonPark Victims Do About Late Fees Incurred Due to the SuttonPark Nightmare?

by Structured Settlement Watchdog

A number of SuttonPark victims dependent on checks to pay monthly bills for the basic necessities of life, may have incurred late fees as a direct result of SuttonPark payment servicing delays

Some of the late fees were for mortgages, rent payments. The costs for some are in the hundreds of dollars per month. 

For example:

SuttonPark Nightmare | AL Victim Incurring $200+ Monthly Late Fees Due to SuttonPark Nightmare - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews February 13, 2025

What Should SuttonPark Victims Do About These Charges?

1. Document any and all late fees incurred due to the SuttonPark payment servicing delays.
2. Document all attempts that you made to reach SuttonPark from your phone and/or email records, including responses you received (if any)

It would be nice to see National Association of Settlement Purchasers (NASP) Step Up and Lead an Effort to Get Legitimate Late Charges Reimbursed 

It might be good for public relations. Many such firms who dealt with SuttonPark made a profit when they acquired structured settlement payment rights. A few hundred bucks a month may not seem like a lot, when it stretched over a few months, but to individuals who depend on timely payments it has had ramifications. 

NASP's self described mission is "to educate the public and other interested parties about the secondary market and to ensure its continued viability and ongoing integrity.  

NASP and its members could do a better job of educating customers about payment servicing up-front and in writing.