by John Darer CLU ChFC CSSC RSP
Kudos to Kings County Supreme Court judge James G. Starkey who put the kibosh on an attempt by J.G. Wentworth subsidiary, 321 Henderson, to get away with charging a 21.42% effective discount rate to Gladys Lugo. Lugo, 21, has been receiving structured settlement payments from American International Life Assurance Company of New York* since February 2007.
Peter Vodola of Pullman & Comley has done a nice analysis of the June 12, 2009 decision In the Matter of the Petition of 321 Henderson Receivables Origination, LLC v. Gladys Lugo (N.Y. Supreme Ct. Kings Index 3073/2009) on the Secondary Market Law Blog
Postscript February 8, 2013
*now United States Life Insurance Company in the City of New York
**now of Reardon Scanlon and Vodola, LLP West Hartford CT
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