by Structured Settlement Watchdog
The Woodbridge Structured Funding litigation against Sovereign Funding Group and its CEO David Springer is headed for trial, as the Defendants' motion for summary judgment was denied in all aspects by Maryland District Judge Marvin Garbis, on November 22, 2013 in Baltimore, MD.
Defendants have now failed twice, with two separate law firms, in their efforts to obtain a summary judgment in this case.
In its motion for summary judgment Sovereign Funding Group and David Springer sought relief from the Court attacking 4 elements of Plaintiffs' claims, that stem from the so-called "WeBuyPayments redirect scheme":
- False Advertisement
- Unfair Competition and False Designation of Origin Claim
- Common Law Trade Libel and Product Disparagement
- Common Law Defamation
- Trademark Infringement
In its November 28, 2011 complaint, Woodbridge Structured Funding alleged that David Springer, Sovereign Funding Group and persons acting with them have engaged and continue to engage in infringing, wrongful, deceptive, defamatory and unfair conduct with respect to Woodbridge and others (such as Novation Capital, Stone Street Capital, and 123 Lump Sum) and sought to cover up their conduct and to mislead people investigating the company's practices.
Defendants' efforts to convince the court that there was a lack of admissible evidence failed.
Trial will be during the first fortnight in May 2014, according to the court's revised scheduling order issued November 22, 2013.
The Woodbridge case carries a degree of importance for both the primary and secondary market. in addition to direct competitors of Sovereign Funding Group, companies in the primary market were also affected by the "webuypayments redirect scheme", which ran during 2011 (and another scheme** "freedom1stfunding" that ran in 2012), including MetLife, Pacific Life, AIG and Liberty Mutual
For further information about Woodbridge Structured Funding, LLC v Sovereign Funding et al. Civil action No. MJG-11-3421 please refer to www.pacer.gov
** see Freedom1stFunding Re-Direct Scheme Victimizes Bronx Judge Among Others June 7, 2012