Maryland A.G. seeks information on factoring transactions

The Maryland Attorney General, Brian Frosh, has asked two attorneys involved in the structured settlement factoring industry, Anuj Sud and Charles Smith, to divulge records relating to their participation with Access Funding’s acquisition of over $28,000,000 of future payments from “overwhelmingly poor” Baltimore residents who were “cognitively impaired as a result of lead poisoning. Unlike many other structured settlement protection acts, Maryland’s Structured Settlement Protection Act requires sellers to obtain professional advice in connection with a sale of their periodic payments.  Terrence McCoy of The Washington Post reported that Smith acted as the “independent professional adviser” in each of Access Funding’s transfer petitions filed between June 2013 and June 2015.