Entries by lisa

Media coverage of structured settlement industry continues

National media coverage of the practices of the structured settlement factoring industry has continued, with MSNBC airing a lengthy segment by reporter Melissa Harris-Perry on August 30, 2015.  The segment included a discussion with reporter Terrence McCoy of The Washington Post, Judith Browne Dianis, noted civil rights attorney and Co-Director of the Advancement Project, E.J. […]

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Members of Congress seek investigation into factoring industry

In the wake of The Washington Post article by Terrence McCoy on the exploitation of lead-poisoning victims by the structured settlement factoring industry, Rep. Louise M. Slaughter (D-NY), Rep. Elijah E. Cummings (D-MD), and Rep. Chris Van Hollen (D-MD) have called for an investigation into the practices of the companies that buy lawsuit settlements at steep discount rates […]

Will Smith’s film Concussion puts CTE on the radar

Sony Pictures released the trailer for Will Smith’s new film, “Concussion” on Monday, just days before the 2015 football season begins.  “Concussion” stars Will Smith as Dr. Bennet Omalu, a Nigerian born neuropathologist credited with discovering chronic traumatic encephalopathy (CTE) in the brains of former NFL players. Among its shortcomings, the NFL concussion settlement currently […]

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5th Circuit Denies Pension De-risking Challenge

In Lee v. Verizon Communs., Inc., 2015 U.S. App. LEXIS 14588 (5th Cir. Tex. Aug. 17, 2015), a case closely watched by defined benefit plan (DBP) sponsors, the insurance industry, and ProtectSeniors.org, a retiree advocacy group, a three judge panel rejected the plaintiffs’ challenges to Verizon’s decision to de-risk its pension obligations by removing over 41,000 retirees from […]

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Article Highlights Problems Plaguing Structured Settlements

A recent article in The Washington Post by Terrence McCoy “How companies make millions off lead-poisoned, poor blacks” highlights the problems plaguing the structured settlement factoring industry, where recipients of structured settlements are often urged to “sell” their payment streams in exchange for lump sums of cash at steep discount rates.  Structured settlement protection acts […]

NFL Concussion Settlement Falls Short

The NFL concussion settlement approved in April by U.S. District Court Judge Anita Brody has been appealed and the Third Circuit Court of Appeals is expected to hear these appeals sometime this fall. No payments will be made under the settlement until all appeals have been exhausted. The advocacy group, the Brain Injury Association of America […]

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IRS Sets Limits on Pension De-Risking

In July 2015, the IRS announced new regulations (Notice 2015-49) limiting a company’s ability to de-risk its pension liabilities by making lump sum distributions to participants in pay status. While lump-sum payments may be a cost effective way of de-risking pension obligations, they may not be the best thing for retirees. Taking away the lump sum option from the defined benefits […]

Governor Malloy signs bill providing retiree protections

Governor Dannel P. Malloy (D) signed into law Public Act 15-167 on July 2, 2015 providing creditor protections to retirees in pension de-risking transfers.  Prior to the enactment of this ground-breaking legislation, annuity payments intended for retirement could be garnished by creditors in Connecticut. While the bill was pared down from that originally proposed to […]

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“This bill is an important step in the right direction for retirees”

Lawmakers in Connecticut have passed de-risking legislation that has been sent on to Governor Dannel Malloy for signature. Stone is quoted as saying “This bill is an important step in the right direction for retirees.” See “De-Risking Bill Sent to Connecticut Governor; N.Y. Measure Stalled in Insurance Committee”, by Sean Forbes. Reproduced with permission from BNA Pension & […]

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CT Senate Passes H.B. 6772 – Pension De-Risking

On Wednesday, June 3rd, 2015 the Connecticut Senate unanimously voted to pass H.B. 6772, providing creditor protections to retirees in pension de-risking transactions.  The bill will now be presented to Governor Malloy for signature.  ProtectSeniors.org, a non-profit group advocating for retirees in Connecticut and across the nation led the charge in passing this legislation. As special […]