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.
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 […]
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 […]
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 […]
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.jpglisa2020-08-26 13:23:392020-08-26 13:23:39NFL Sued For Limiting Black Players’ Access To Concussion Benefits
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 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 […]
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 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
In a recent decision issued by the U.S. District Court for the Northern District of Georgia – Atlanta Division, the Court found that an insurance policy taken out on the life of Kelly Douglas Couch and issued by Jackson National Life Insurance Company was void ab initio as “an illegal human life wager.” In a […]
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.jpglisa2020-06-02 16:17:022020-06-02 16:17:02Life Policy Found Void as an Illegal Human Life Wager
Athene Holding Ltd. paid a $45 Million fine to the State of New York for violations related to its pension de-risking business operated by its subsidiary Athene Annuity & Life Corporation. The New York State Department of Financial Services (DFS) discovered that Athene both solicited and did insurance business in New York without a license. […]
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.jpglisa2020-04-24 22:10:242021-02-24 22:26:21New York Fines Athene $45 Million
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
Life Policy Found Void as an Illegal Human Life Wager
In a recent decision issued by the U.S. District Court for the Northern District of Georgia – Atlanta Division, the Court found that an insurance policy taken out on the life of Kelly Douglas Couch and issued by Jackson National Life Insurance Company was void ab initio as “an illegal human life wager.” In a […]
New York Fines Athene $45 Million
Athene Holding Ltd. paid a $45 Million fine to the State of New York for violations related to its pension de-risking business operated by its subsidiary Athene Annuity & Life Corporation. The New York State Department of Financial Services (DFS) discovered that Athene both solicited and did insurance business in New York without a license. […]