Today’s decision of interest in The New York Law Journal is “Matter of 321 Henderson Receivables LP v Fontana“, Suffolk County Supreme Court 10243-2006.
The Suffolk County decision is interesting for two reasons:
Highlights the fact that New York judges appear to be enforcing the provisions of New York’s Structured Settlement Protection Act (New York SSPA)
The decision is useful to show the reasoning of the judge in making such a decision, in particular its assessment of what meets the “fair and reasonable” or “in the best interest” standard.
Identifies a veteran Structured Settlement broker who appears to align himself with a structured settlement factoring company
The broker cited in the decision, Judson “Jack” Caddy, implies that Allstate Insurance Company is one of his clients in the biography (Curriculum Vitae) on his company website.** It is interesting to note that the insurer on the underlying case which gave rise to the structured settlement in this case was Allstate Insurance Company. Coincidence? Hope so.
Some structured settlement brokers have chosen to align with factoring companies
Why a veteran like Jack Caddy would align himself with a kissing cousin of JG Wentworth defies reason.
** Caddy may want to update his website which still lists expired names or annuity issuers no longer writing structured settlements. Who needs a caddy that reaches for the wrong “club”?
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