AIG Will Pay $12 Million Fine to New York

On February 1, 2021 American International Group, Inc. agreed to pay a $12 Million fine to the State of New York to settle charges by the New York State Department of Financial Services (NYDFS) that it conducted life insurance business in New York without a license. Between 2014 and 2019, AIG entered into four pension […]

Dow Inc. Transfers Pension Liabilities to MetLife Tower

Midland, Michigan based Dow Inc. transferred $700 million in pension liabilities to Metropolitan Tower Life Insurance Company, a subsidiary of MetLife Inc. in the 4th quarter of 2020. The transfer affected retirees in the Dow Pension Plan who receive $950 or less in monthly benefits, and retirees in the Union Carbide Pension Plan receiving less […]

Weyerhauser Transfers More Pension Liabilities

Weyerhaeuser transferred $765 million of its pension liabilities in December, 2020. Weyerhaeuser purchased a group annuity contract from Metropolitan Tower Life Insurance Company, a subsidiary of MetLife. This pension de-risking transaction affects 5,200 Weyerhaeuser retirees.

Kemper Corp Transfers Pension Liabilities

The Kemper Corporation, an insurance holding company based in Chicago, Illinois completed a transfer of $205 million in pension liabilities to Banner Life Insurance Company. Kemper’s pension plan was closed to new hires on January 1, 2006, and benefit accruals have been frozen since June 30, 2016. Kemper also offered to make lump-sum payments to […]

GE Transfers More Pension Liabilities

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 […]

NFL Sued For Limiting Black Players’ Access To Concussion Benefits

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 […]

FORUM SHOPPING – FACTORING COMPANIES – STRUCTURED SETTLEMENTS

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 – Fraud in Factoring Transactions

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 […]

Structured Settlement Fraud – Forum Shopping

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

#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