Pullman Comley Feed

June 21, 2009

New York Court Rejects J.G. Wentworth 21.42% Effective Discount Rate!

Judge Starkey 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

Posted at 03:51 AM in AI Life Structured Settlements, Best Interest of Payee Standard, Brooklyn New York Structured Settlements, Cash Now Pushers | The "Cash Now Fix", Corebridge/American General Structured Settlements, JG Wentworth Commentary, Kings County Structured Settlements, New York City Structured Settlements, New York State Insurance Law, New York Structured Settlements, Pullman Comley, Structured Settlement Factoring, Structured Settlement Transfers | | Comments (0)

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April 29, 2009

Pingo Pango Ponzo Who Wants To End Up With Zero?

The Ponzi scheme du jour involves Danny Pang who allegedly defrauded investors in life insurance policies (life settlements/viatical settlements). These have nothing to do with structured settlements although it's bound to come up in the search results thanks to some moron with a made for Adsense website.

Read about life settlement Ponzi schemes on the Pullman Comley Secondary Market law blog

Posted at 12:33 AM in Danny Pang, Financial Scams and Scandals, Financial Scandals, Life Settlements, Pullman Comley | | Comments (0) | TrackBack (0)

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June 28, 2008

Pullman (ing) Them Comley With "His" Song

My friends at Pullman Comley did a nice job of reviewing a number of significant California Court decisions:

In Re Derrick Cox, Case No. 08 CECG 00847 AMS, Superior Court, Fresno County California (Calif. Super. Ct. May 27, 2008; and

In Re Richard Shawn Caldwell Case No. 08 CECG 00186 AMC, Superior Court, Fresno County California (Calif. Super. Ct. April 14, 2008). Download Superior_Court_Richard_Shawn_Caldwell_Order.pdf

which affect the factoring industry, particularly the segment of "cash now pushers" that have preyed on tort victims with structured settlements, with misleading advertising.

Specifically California Courts ruled that factoring companies violated the California Structured Settlement Protection Act in over 100 Court approved transfers and that the defects meant that the factoring company had violated the California consumer protection statute. The "Cash Now Pushers" involved include 321 Henderson (a  JG Wentworth affiliate) and Novation Capital, whose President leads the National Association of Settlement Purchasers.

There are a number of interesting legal issues in these cases that should tie up factoring industry resources for a while. There are also a few things structured annuity issuers need to be thinking about. Please read  Pullman Comley Structured Settlement Insights Vol.V Issue 1 Summer 2008 for its analysis.

S2KM's "coverage" of Pullman Comley's newsletter is essentially just paraphrase and bullet points. While Hindert never loses and opportunity to slag off what HE and the factoring industry call the primary structured settlement market, he is silent on the miscreants cited by the California Courts. Only a week ago he was waxing poetic about the June 17th JG Wentworth conference as if it was "The Second Coming".

S2KM's Patrick Hindert, the framer of the primary/secondary market "one structured settlement industry" fallacy will never again be seen as a neutral (as if he ever was by anyone other than the naive) as part of his covert effort to bring the two distinct industries together as one.  The "one industry" pustule was and continues to be propaganda framed by Hindert in "Structured Settlements 3.0", adopted by the factoring industry. Onto Hindert's covert treachery, back on July 29, 2006, I responded to Hindert' with Structured Settlements 3.0: Time For a Rewrite". Here was Hindert's response. HIndert was recently quoted in Deal Flow Media  as being on a mission to bring the parties together for about 3 years.  Do the math! What has the structured settlement industry done in that time?

Echoing my words of 24 months ago, the structured settlement industry should be doing now what it should've started doing 24 months ago, (i.e. distance itself from the factoring industry's bad business practices and reject the "one industry" fallacy.  Those members of the structured settlement industry should banish the primary/secondary framework from their vocabulary.

Public relations efforts of structured settlement industry members should heavily emphasize the critical elements of distinction such as licensing v no licensing, regulation of advertising and solicitation practices vs no regulation. no kick backs vs kick backs etc. You don't need to have the bloated hedge fund fueled budget of JG Wentworth and Co. to be effective in this effort.

Posted at 04:48 PM in Cash Now Pushers | The "Cash Now Fix", JG Wentworth Commentary, News About Structured Settlements, Novation Settlement Solutions | Novation Funding Commentary , Patrick Hindert, Pullman Comley, Structured Settlement Information, Structured Settlement Protection Acts, Structured Settlements, Structured Settlements in California | | Comments (0) | TrackBack (0)

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Guide to Structured Settlements 2023

  • 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 2023 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 whose business it it is to assess mortality risk to price its life insurance and annuities. 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].
  • Structured Settlement Annuity Companies 2023
    Which life insurance companies issue structured settlement annuities going into 2023? 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.
  • 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
    Ways You Can Structure Your Settlement Payments. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
  • Structured Attorney Fees for Tax Deferral for Contingency Fees
    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as the an index linked structured settlement where payments are adjusted based on upside changes in the S&P 500 with no downside and a cap of 5%. Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team.
  • 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) or changed its name and you're trying to track them down, here you go! The list is regularly updated. Last updated September 14, 2023
  • 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

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.

Contact Structured Settlement Expert John Darer®

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  • STRUCTURED SETTLEMENTS 4REAL® Blog Is a Popular Source of Structured Settlement News, John Darer Reviews and Information, Settlement Planning News, Tax Deferral and Deferred Income Planning Solutions,
    with a stable readership that seeks credible structured settlement information, John Darer Reviews, commentary and/or opinion about topical issues related to settlement planning, targeted to lawyers, injured persons and their family members, guardians, survivors, judges, magistrates, special masters, mediators, administrators, trust companies, insurance company executives and adjusters, financial advisers settlement professionals, financial professionals, insurance regulators, government leaders, federal and state law enforcement, buyers and sellers of structured settlement payment rights, the news media and other interested parties. 4structures.com LLC established this structured settlement blog in 2005. For over 17 years it has been a leading source for critical commentary. The John Darer authored blog has been among the most prolific, regularly providing reviews, fresh structured settlement, settlement planning, litigation recovery management content and commentary. John Darer®, CLU ChFC MSSC CeFT® RSP CLTC, President of Stamford, CT based 4structures.com, LLC, is an experienced New York City area structured settlement expert, structured settlement broker, Certified Financial Transitionist, and Registered Settlement Planner. In his capacity as a investigative journalist and commentator, and professionally, John Darer passionately believes that shining the light on a business practice is both healthy and newsworthy. It is in the best interest of injury victims, their families and their legal advisers, that the settlement planning discussion involve those that are properly trained in the topic, properly informed on the topic and, with respect to structured settlements, properly licensed and/or appointed). It has significant instructional and deterrent value to other practitioners and firms as well as those who may be caught in the cross hairs. WHAT YOU GET here is the straight stuff with a touch of irreverence and humor. We hope you enjoy and find the content to be helpful. Subscribe to the structured settlement blog feed, or a specific category feed through your blog reader, or through the Feedburner icon on this page. Followers of JDDarer™ on Twitter may also receive select content. If you would like to speak with John he can be reached at (888)325-8640 Thank you for reading! Last updated April 20, 2023

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  • John—this (video published 11/2010) is a well done piece. I like the way you always stick to the facts-AM
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  • Thank you so very much for discussing my concerns about Symetra, my annuity company. I am amazed that PI attorneys as well as a settlement broker in San Diego, could not answer the simplest questions I had regarding the Safeco/Symetra issue. Your blog/web site is most interesting and informative, and I am grateful you have take on the "watchdog" role! Thank you so much again (3/25/10)
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  • I heard a radio ad for the Peachtree Settlement Fund as I was driving into work this morning. (San Francisco Bay area.) I decided to check it out on the Internet and came upon your blog. Thank you very much. I do not have a “structured” settlement,
  • "All the others that I had emailed & have seen on the net were "cash now types" & have no concern of me & just are looking for my $$$. When I came across your site & blog I realized that u are an upstanding guy & are not like others. That's why I emailed"
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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
  • Number of States That Prohibit Payment of QSF expenses by licensed agents and brokers
    5 Survey not yet complete.

Comments and Trackback Policy

  • Comments and Trackback Policy
    Comments to this blog are encouraged, welcome and add spice to the interactive nature of blogs. However, the unscrupulous practice by some to deliver comment spam, to connect all manner of unrelated products to structured settlements, detracts from user experience, is NOT tolerated by this author and thus necessitates the practice of comment screening.

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Why Take a Structured Settlement?

  • A structured settlement offers guaranteed financial security to personal injury victims, wrongful death survivors and their families. A structured settlement involves a customized stream of payments, provides long-term stable tax-free income, for a period of years or a lifetime. Unlike other income annuities. a structured settlement annuity can have multiple payment streams to address multiple needs in a single contract.

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