SuttonPark Humanitarian Crisis Feed

December 14, 2024

SuttonPark Servicing Delays | Who is Going to Pay for the Life Altering Damages Accruing?

by Structured Settlement Watchdog

In SuttonPark, the structured settlement secondary market is currently grappling with a severe humanitarian crisis affecting people all across America.

This could potentially have a detrimental impact on secondary market operations and may even lead to a contraction of the marketplace if there isn't a swift improvement, beginning with transparent and direct communication.

  • Victims of SuttonPark are accruing late charges on their obligations due to delayed payments, which they rely on to pay their obligations.
  • The delay or absence of these payments puts them at risk of losing their homes, instilling fear and uncertainty.
  • The psychological impact on these individuals is significant. Having spent over 22 hours since mid-November in conversation with many affected, the sadness and injustice of their situation is clear.
  • The SuttonPark payment servicing victims should be enjoying the holidays. Instead the humanitarian crisis has continued through Thanksgiving, dampening the lead up to Christmas, Hannukah and Kwanzaa

They deserve to be treated with respect. As of this posting, the recorded message from SuttonPark has remained unchanged since November 26, 2024, and lacks credibility due to an unfulfilled promise of payments within 72 hours as stated in SuttonPark's recording. The remaining three employees at SuttonPark doing servicing are undoubtedly overworked and striving to do their best, yet it is logically unfeasible for them to process all the payments or catch up. It is simply impossible.

B Riley Financial is not a receiver according to an industry source in the secondary market and some sources are saying that the contract with B Riley ends at year end. What happens next? Who is running the effing show now? Who fired SuttonPark servicing employees?

While I appreciate exceptional efforts by certain members of the structured settlement secondary market that I've spoken to (they know who they are), there has been no public statement by the National Association of Settlement Purchasers.  Make one NASP.  Put it on your website.  The last new update was in 2021?  National Association of Settlement Purchasers - National Association of Settlement Purchasers

Fred Love, was President of NASP in 2023 and  Chair of its 2023 Annual Conference committee along with Melissa Lerma, his colleague at the time from SuttonPark Capital. 2023_NASP_Conference_at_a_Glance.pdf

The SuttonPark situation needs an inquest. There is no area of the financial markets where a regulator would allow this situation to continue the way SuttonPark has.

 

 

 

Posted at 12:17 AM in SuttonPark Humanitarian Crisis, SuttonPark Payment Delays |

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Guide to Structured Settlements 2025

  • What is a Structured Settlement? What You Need to Know
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    In 2025, you can structure your settlement payments in various ways. A structured settlement allows for multiple payment types within one agreement. You can tailor and merge different structured settlement payments to suit your individual needs, either alone or alongside other financial instruments. If desired, diversify your structured settlement by utilizing multiple annuity issuers, treasury-funded structured settlements, index-linked structured settlement payments, and market-based structured options.
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  • 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.
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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.

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