by Structured Settlement Watchdog
The statute of limitations has probably long gone, but one annuitant relates that his personal injury lawyer purportedly told him in 1985 that there was a "better chance of the sun not shining than the plaintiff not getting paid in full on his ELNY annuity.
This was backed up by the structured settlement broker who apparently is still soliciting structured settlement business today. That broker has been identified by the ELNY Victim and he can expect a call from me very soon for his version of the story.
I'm not looking to embarass anyone, but I do expect the broker and anyone else who turns up in my research to take my call. I want to tabulate the information and present it in aggregate so all can learn from It. is important that we get an accurate recording of history and reinforce and reeducate on best practices so that we can be sure that an ELNY does not happen again.
In 1982 15% of the assets of First Executive were invested in junk bonds and by 1985 it was well on the way to the peak of 45% it eventually "achieved". What were the broker and the lawyer thinking?
The information was readily available and the Baldwin United and Charter National crises were fresh on the mind. Statutory protection only existed in New York since 1985 and it was limited. In 1984 ELNY was fined $100,000 by the New York State Insurance Department for not cooperating with examiners
Animation Source: Starbase.co.uk
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