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 […]
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 […]
Kudos to a group of investigative journalists at the Minnesota Star Tribune for what is to be a four part series on abuses in the structured settlement factoring industry. The interactive article, with the first two parts published on October 3, 2021 is a wealth of data on more than 700 cases approved by Minnesota […]
Jack Cohen, Board Chairman of the Association of BellTel Retirees passed away suddenly on September 29, 2021. Jack was a tireless advocate for all retirees, as well as a beloved husband and doting grandfather. The world is a lesser place without Jack Cohen, and his sage advice and wisdom on issues facing retirees will be […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2021-10-06 15:22:182021-10-06 15:22:18In Memory of Jack Cohen – Association of BellTel Retirees Board Chairman
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.
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2021-09-08 15:30:492021-09-08 15:32:52HP Transfers $5.2 Billion in Pension De-Risking Transfer
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, […]
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 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, […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2021-08-05 14:30:092021-08-22 14:34:15Lockheed Martin – More Pension De-Risking
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. […]
February 2020: Armstrong World Industries transfers $1 Billion for 10,000 retirees to Athene December 2020: Lockheed Martin transfers $1.4 Billion of pension liabilities for 13,500 retirees to MetLife December 2020: Phillips North America transfers $1.2 Billion in pension liabilities for 11,000 retirees to MetLife and Principal December 2020: GE transfers $1.7 Billion of pension liabilities […]
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 […]
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 […]
Structured Settlement Factoring Exposé – Minnesota Star Tribune
Kudos to a group of investigative journalists at the Minnesota Star Tribune for what is to be a four part series on abuses in the structured settlement factoring industry. The interactive article, with the first two parts published on October 3, 2021 is a wealth of data on more than 700 cases approved by Minnesota […]
In Memory of Jack Cohen – Association of BellTel Retirees Board Chairman
Jack Cohen, Board Chairman of the Association of BellTel Retirees passed away suddenly on September 29, 2021. Jack was a tireless advocate for all retirees, as well as a beloved husband and doting grandfather. The world is a lesser place without Jack Cohen, and his sage advice and wisdom on issues facing retirees will be […]
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. […]
Recent Pension De-Risking Transactions
February 2020: Armstrong World Industries transfers $1 Billion for 10,000 retirees to Athene December 2020: Lockheed Martin transfers $1.4 Billion of pension liabilities for 13,500 retirees to MetLife December 2020: Phillips North America transfers $1.2 Billion in pension liabilities for 11,000 retirees to MetLife and Principal December 2020: GE transfers $1.7 Billion of pension liabilities […]