by Structured Settlement Watchdog™
Somehow a structured settlement factoring company was able to get multiple structured settlement transfers through court approvals despite an allegation that the unsophisticated annuitant, who would have needed an interpreter due to a medical condition, never actually had an interpreter when meeting with the factoring company’s attorney, or during the transfer hearin
The judge, whose responsibility it is to determine if a structured settlement transfer is in the selling annuitant’s best interest allegedly never asked him any questions (which the annuitant would not have been able to easily answer without having an interpreter present.
A structured settlement protection act is in effect in all US states (updated).
Structured settlement protection acts are intended to protect structured settlement annuitants. Unfortunately there appear to be more and more “squeaky wheels”. Florida has unfortunately been a notorious hot bed for abuse due to lax enforcement and an ample supply of opportunists that prey on the unsophisticated, young, old, seniors or disabled.
But the story that I am referring to above allegedly occurred in another state. If it is found that a judge approved multiple transfers to proceed with the annuitant present, without the judge asking any questions and without an interpreter, serious questions need to be asked about the transfer process in that jurisdiction.
Postscript
The Florida Structured Settlement Protection Act was amended in 2016, adding new requirements designed to protect annuitants who seek to sell structrued settelment payment rights in the structured settlement secondary market. See 2016 Florida Statutes Chapter 626 Section 99296 – 2016 Florida Statutes – The Florida Senate (flsenate.gov)