LifeHealthPro has reported that the Executive Life (ELNY) liquidation is expected to be implemented in the third quarter of this year, and could be as early as August. The article did not specify an effective date for the payment reductions, so those annuitants expecting cuts are still in the dark. The looming cuts will cause severe hardship for many of the 1500 who will not receive the benefits that they thought were “guaranteed” under their structured settlements. While a hardship fund has been established, it has just $100 million to cover over $920 million in lost benefits.
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg 0 0 ginny https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg ginny2013-05-14 17:17:112013-07-01 19:51:24Executive Life (ELNY) Cuts to Begin in 3Q