by Structured Settlement Watchdog®
Plaintiff Terrence Taylor and his parents' lawsuit against Defendants STRUCTURED ASSET FUNDING, LLC d/b/a 123 LUMP SUM a/k/a 123 LUMP SUM, LLC; BLAZINGSTAR FUNDING, LLC; JAY GEE, LLC; BEXHILL, LLC; iSETTLEMENTS LLC d/b/a 123 LUMPSUM; HPF CAPITAL d/b/a HIGHPOINT FUNDING and RHETT WADSWORTH was amended on April 20, 2015 to add claims under the West Virginia Structured Settlement Protection Act and the West Virginia Consumer Credit and Protection Act.
What is the Terrence Taylor Lawsuit all about
The Taylor lawsuit against the above named defendants, in the UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF VIRGINIA Case 1:15-cv-00271-TSE-TCB, stems from the alleged
1.Systematic raiding of structured settlement funds through acts of fraud, misrepresentation and negligence that has left a seriously injured amputee burn victim without any means of supporting himself or his dependent child.
2. Statutory violations of the Virginia Structured Settlement Protection Act, Title 59.1,
Chapter 41 (“Virginia Structured Settlement Protection Act”),
3. Statutory violations of Transfers of the Right to Receive
Future Payments, West Virginia Code Statute R. Section 46A-6H (“West Virginia Structured
Settlement Protection Act”),
4. Violations of the West Virginia Consumer Credit and Protection Act, W. Va. Code §§ 46A-6-104 and 102(7)(E) (the “West Virginia Consumer Protection Act”); and
5. Common law instances of negligence, fraud, and misrepresentation, which, through a series of transactions wrongfully stripped Plaintiff Terrence Taylor of his structured settlement annuity in violation of the Virginia Structured Settlement Protection Act and this Court’s order (the “Dismissal Order”) in the action styled Terrence E. Taylor, a minor, by and through his mother and next friend, Louise W. Taylor, et. al., Plaintiffs v. DeLonghi, S.P.A., et al., Defendants (Civil Action No. 89-0971-A
(U.S.D.C., Eastern District of Virginia, Alexandria Division) which incorporated the terms of the
settlement agreement entered into by Plaintiffs in resolution of their personal injury claims.
Forum Shopping This wasn't the case of just forum shopping. It appears to be a case of judge shopping and the settlement purchasers in question had a penchant for "Sword-fish", Judge Dean Sword, Jr. Taylor lived in West Virginia and these guys didn't just take him over the WVA-VA border, or to Alexandria where his parents live, they hired Portsmouth councilman Steven E. Heretick and slid into the courtroom of "15 cases in 15 minutes "Judge Deano' to "do the cleano" on Terrence's structured settlement payments.
Plaintiffs allege that Defendant SAF filed (structured settlement) transfer applications in Portsmouth Circuit Court when they knew Terrence Taylor resided in West Virginia In fact, say plaintiffs (Amended Complaint Page 26 #103-104) "Defendant SAF through its agents met with Terrence in West Virginia, sent notaries to Terrence’s home in West Virginia, took Terrence to strip clubs, restaurants and stores in West Virginia, drove rental cars in West Virginia and stayed at hotels in West Virginia. Defendant SAF knew that Terrence resided in West Virginia and was domiciled in West Virginia and used the mail and the wires to communicate with Terrence in West Virginia".
Plaintiffs allege (Amended Complaint #120) that upon information and belief, Defendants SAF, Blazingstar, Jay Gee and Bexhill, as transferees in the petitions they filed in Portsmouth Circuit Court, each filed a statement to the effect that the “transfer is in the best interests of the Transferor, Terrence Taylor, taking into account his welfare and support” while knowing that Terrence had no source of income other than his structured settlement payments and that he had a minor child to support.
In 16 months, Defendant SAF is alleged to have made 25 advances to Terrence Taylor totaling over $163,000!
Plaintiffs further allege in the Amended Complaint (at 151) that Terrence was further misled by Defendant Bexhill’s agent, Client First (Settlement Funding) into believing that his sale proceeds would be reinvested by Wells Fargo, a nationally recognizedbanking institution and that he would make more from their investments than he would by simply leaving his structured settlement annuity in place. Client First represented to Terrence that he would do better by selling tax free payments and converting them into taxable, fee heavy investments with Wells Fargo affiliates.
With knowledge of Terrence’s prior sales and with knowledge of his physical and
mental state, Defendant Bexhill, or its agent, orchestrated a series of transactions that were not in
Terrence’s best interest and that did not promote the welfare and support of his dependent daughter.
Similar claims were made against the other Defendants.
Download Doc. 42 – Amended Complaint in Terrence Taylor et al. v Structured Asset Fundng Et Al.