General Electric (GE) recently announced that it had transferred $1.7 Billion of its pension liabilities to two insurance companies owned by Athene Holding Ltd. The two insurance companies are Athene Annuity and Life company and Athene Annuity & Life Assurance Company of New York. The pension risk transfer, or pension de-risking transfer affects approximately 70,000 […]
Together with attorneys from Zuckerman Spaeder and J.R. Wyatt Law, in a lawsuit filed on August 25, 2020 in federal court in Philadelphia, Edward Stone Law is representing two Black retired NFL players, Kevin Henry and Najeh Davenport, who claim that the NFL deliberately manipulated ex-players’ “cognitive function” test scores in a way that made […]
Here at Edward Stone Law, we get phone calls every day from people who feel they have been taken advantage of by factoring companies when selling their structured settlement payments. One of the most common things we hear is that sellers have been told it is legal to go to another state and sell their […]
Forum shopping in the transfer of structured settlement payment rights transfer is not legal. 26 U.S.C. Section 5891 imposes a 40% excise tax on any structured settlement transfer that does not qualify for one of the exemptions set forth in Section 5891(b). In order to qualify for one of the exemptions, a transfer petition must […]
A factoring company may only file a transfer petition in the seller’s state of residence or domicile. If a factoring company causes a transfer petition to be filed in a state other than the state where the seller lives, then the factoring company is not complying with applicable State and Federal laws. Edward Stone Law […]
#BlackLivesMatter This is no time to be silent. To be silent is to be complicit. Edward Stone Law stands in solidarity with the Black community in support of the fight to end racial injustice. In the words of Martin Luther King, Jr., “Injustice anywhere is a threat to justice everywhere.” #BlackLivesMatter
In a recent decision issued by the U.S. District Court for the Northern District of Georgia – Atlanta Division, the Court found that an insurance policy taken out on the life of Kelly Douglas Couch and issued by Jackson National Life Insurance Company was void ab initio as “an illegal human life wager.” In a […]
Trevor Langkamp was the recipient of one of the dreaded notices from the New York Liquidation Bureau in December, 2011 telling him that his annuity benefits from Executive Life Insurance Company of New York would be cut. The liquidation of Executive Life Insurance Company of New York (ELNY) was finalized in April, 2012 and despite […]
Bethesda, Maryland based Lockheed Martin Corp. transferred $1.9 Billion in pension obligations for 20,000 US retirees to a subsidiary of MetLife, Metropolitan Tower Life Insurance Co. Lockheed Martin has done at least two previous pension risk transfers to insurance companies. In January 2019, Lockheed Martin transferred $1.8 Billion in pension obligations to Prudential and also […]
On December 18, 2019, Voya Financial, Inc. and Resolution Life Group Holdings Ltd. announced the terms of an agreement where Voya sold substantially all of its in-force life business, including its pension risk transfer liabilities for $1.250 Billion, which included cash of $902 Million, and retained surplus notes of $123 Million. Resolution Life will assume […]
