Entries by lisa

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CFPB Settles Access Funding Lawsuit

On December 17, 2021, the Consumer Financial Protection Bureau settled its lengthy, five-year litigation with Access Funding, LLC, Access Holding, LLC, Reliance Funding, LLC, Lee Jundanian, Raffi Boghosian, Michael Brokowski, and Charles Smith for a paltry disgorgement of $40,000 and a $10,000 civil penalty. The settlement was approved by Judge Ellen Lipton Hollander, who took […]

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Access Funding Indictment

On December 21, 2021, Maryland Attorney General Brian Frosh issued a press release announcing the indictment of three individuals in connection with the Access Funding structured settlement factoring scheme involving victims of lead paint poisoning.  Raffi Michael Boghosian, Charles Edward Smith, and Anuj Sud were charged with Theft Scheme over $100,000 and Conspiracy to Commit […]

HP Transfers $5.2 Billion in Pension De-Risking Transfer

HP Inc., the Palo Alto, California based technology company will transfer $5.2 Billion in pension liabilities to Prudential Insurance Company of America as of October 31, 2021. HP disclosed this information in its recent 10-Q filing. This represents approximately one-half of HP’s U.S. pension liabilities. The pension de-risking transfer affects some 41,000 retirees and beneficiaries.

CFPB/Access Funding Lawsuit Continues

Last month, on July 12, 2021, in Consumer Financial Protection Bureau v. Access Funding, LLC, et al, (Case No. 16-3759, U.S. District Court, District of Maryland) Judge Ellen Hollander denied a motion to dismiss the amended complaint and a motion for a judgment on the pleadings. The amended complaint filed in 2017 against Access Funding, […]

NFL Concussion Settlement and Race Norming

This August 2, 2021 Washington Post feature article examines the controversial practice of “race-norming” and its use by the NFL in determining compensation for former players in the NFL Concussion Settlement. The Washington Post’s investigation found that “the NFL and Seeger are responsible for building a settlement claims process that guaranteed race-norming would occur, making […]

Lockheed Martin – More Pension De-Risking

Lockheed Martin transferred $4.9 billion in pension obligations to two of Bermuda based Athene’s subsidiaries, Athene Annuity and Life Company and Athene Annuity & Life Assurance Company of New York. This is Lockheed’s second pension risk transfer transaction with Athene, and s is Lockheed’s fourth pension de-risking transfer in the last two years. In 2019, […]

NFL Race-Norming Settlement Negotiations

Just one day after the NFL announced that it would work to end  the use of “race-norming” in the NFL Concussion Settlement, U.S. District Judge Anita Brody (E.D. Pa.) granted the request of two former Pittsburgh Steelers, Kevin Henry and Najeh Davenport to intervene in the mediation between the NFL and class counsel, Chris Seeger. […]

Arconic Transfers $1 Billion to MassMutual

Arconic Corporation, the aluminum provider based in Pittsburgh transferred $1 Billion in pension liabilities to Massachusetts Mutual Life Insurance Company. This transaction affected approximately 8,400 Arconic retirees or beneficiaries. Prior to the transfer, Arconic made a $250 million contribution to its US pension funds. MassMutual  assumes responsibility for making payments to the retirees and beneficiaries […]