In the Soundtrack of Our Lives, one of the songs that I still get to hear from time to time on Sirius XM, is “Still the One” which was recorded and released by the band Orleans in 1976. I was in the tenth grade just to be...more
Litigation attorneys have had the ability to defer contingency fees since 1994. You are hard pressed to find another profession that has this tax advantage. Hedge fund managers have been running and winning the “Death Race”...more
In a recent unanimous decision, a three-judge panel of the Arkansas Court of Appeals held that Section 916 of the Longshore and Harbor Workers’ Compensation Act (LHWCA) bars the transfer of LHWCA structured settlement annuity...more
As of August 11, 2021, New Hampshire joined all 49 states and the District of Columbia, formally enacting its own Structured Settlement Protection Act (SSPA) when Governor Chris Sununu signed SB 134 into law. Broadly,...more
Patients diagnosed with a terminal illness often ask, “How long do I have?” Whether you receive a life threatening diagnosis or not, as you grow older, you will probably make plans based on how long you expect to live....more
Two recent coordinated decisions from the Pennsylvania Superior Court quashing appeals brought by factoring companies and their investors highlight not only the intent behind structured settlement protection acts, but also...more
In a meaningful victory for structured settlement annuity owners and issuers, the Southern District of California recently dismissed the claims of alleged “intended” beneficiary, Tera Vance, after having dismissed several...more
Recycled structured settlement payment streams have been the subject of much concern and scrutiny the past few years. These recycled payment streams are structured settlement annuity payments that were sold to a factoring...more
In law school, the correct answer to in-class queries was frequently “it depends.” In law, often there is no black or white, right or wrong – it all depends on the facts and the analysis of the law. This dynamic also applies...more
The CFPB has filed an amicus brief in the Maryland Court of Appeals urging the court to affirm the decision of the Court of Special Appeals reversing the trial court’s approval of a settlement agreement in a class action...more
Liability insurers charge premiums in exchange for an agreement to cover certain claims against their policyholders. When settling a tort claim against a policyholder, the insurance company can pay a lump-sum of cash or, in...more
The CFPB’s petition filed in a Pennsylvania federal district court last June to enforce a CID issued to J.G. Wentworth, LLC, a purchaser of structured settlements and annuities, was denied by the court last week as moot. The...more
Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more
The United States Supreme Court heard oral arguments on December 7, 2016 in Czyzewski v. Jevic Holding Corp. The case poses a question that has divided the Second, Third, and Fifth Circuits: Whether a bankruptcy court may...more
On November 21, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit in the U.S. District Court for the District of Maryland against a structured settlement company and certain of the company’s...more
The CFPB has filed a lawsuit in a Maryland federal district court against: (1) Access Funding, LLC (Access), a limited liability company that purchases structured settlements from consumers; (2) Access’ managing member...more
The Chamber of Commerce of the United States of America (Chamber) has filed an amicus brief opposing the CFPB’s petition filed in the Eastern District of Pennsylvania to enforce its civil investigative demand (CID) issued to...more
The CFPB filed suit against J.G. Wentworth, LLC on June 7, 2016 after the company challenged the Bureau’s expansive view of its jurisdiction. The CFPB served a CID against J.G. Wentworth, LLC on September 11, 2015 to...more
Frequently, a class action complaint will set forth an elaborate theory of why the defendant’s actions were negligent or wrongful, but fall short when trying to identify how that conduct has harmed the class members. This...more
Last month, the Consumer Financial Protection Bureau’s (“CFPB”) Director denied J.G. Wentworth’s (“JGW”) petition to set aside or modify a CFPB civil investigative demand (“CID”) that required JGW to produce 14 documents,...more
Recipients of a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) have yet another reason to be wary of petitioning the Director to have the CID formally modified or set aside....more
Due to what it called a “substantial history of district courts ignoring and resisting circuit court cy pres concerns and rulings in class action cases,” the Eighth Circuit recently clarified the legal principles surrounding...more
The Pennsylvania Commonwealth Court’s recent decision in the matter of Sams v. Department of Public Welfare may significantly affect the structured settlement industry, and the settlement of lawsuits on behalf of certain...more
Overview - We have all heard our share of lawyer jokes. From War of the Roses - "What do you call a bunch of attorneys at the bottom of the ocean"? Answer - A good start! Everybody hates lawyers except their own and...more
Overview - Trial attorneys are extremely vulnerable to a tax landscape that is becoming hostile territory. The result of the American Taxpayer Relief Act of 2013 (ATRA) is that earned income is taxed at substantially...more