by Structured Settlement Watchdog®
123 Lump Sum has sued Terrence Taylor, an amputee/ burn victim to recover legal fees it incurred in defending a lawsuit he filed against them, which questioned business conduct that led to the approval of 6 of the 11 structured transfers approved from his New York Life structured settlement in a space of two years. That lawsuit was voluntarily dismissed without prejudice at the beginning of June, but will be refiled soon and 123 Lump Sum know this. Thus the new filing appears to be a an attempt at a preemptive strike.
[See Structured Asset Funding LLC d/b/a 123 Lump Sum a/k/a 123 Lump Sum LLC and iSettlements LLC d/b/a 123 Lump Sum v Terrence E. Taylor, Circuit Court of the City of Portsmouth, VA Case No. 740CL15003022-00, filed August 18, 2015]
123 Lump Sum Plaintiffs are represented by Stephen E. Heretick, the Portsmouth councilman and lawyer who upon information and belief is responsible for most of the transfer petitions filed on the Portsmouth docket, including the 11 approved transfer petitions for Terrence E. Taylor within a 2 years period that some how a judges in the circuit "determined were in his best interest".
Best Interest Test and Selling of Structured Settlements
If ever there was a case that justifies scrutiny of the so-called best interest test, the Terrence Taylor case is it. 11 transfers approved in 2 years, 8 times by the same judge and all filed by the same lawyer.
123 Lump sum asserts that its business is highly regulated on the basis that under the applicable the structured settlement transfer statute each deal must be scrutinized by the court and judge to ensure that the transfer lies in the best interests of the seller, and to ensure that all statutory prerequisites have been satisfied…." . 123 Lump Sum's assertion is a half-truth that is easily exposed because there
is surprisingly no licensing, no regulation of sales and solicitation practices and deplorable business conduct that is unfortunately prevalent throughout the structured settlement secondary market.
The Portsmouth Circuit Court and its notorious Judge Dean W. Sword, Jr. may need to be put to the sword and be scrutinized themselves about how they can do all that 123 Lump Sum asserts they do when, according to information that can be found online, transfer hearings have been scheduled into 1-2 minute time slots. As long as we're not talking chili dogs, that could be less than the time it takes for a fart to dissipate. That stinks.
NASP Code of Ethics
123 Lump Sum touts its membership in NASP, that one of its officers is on the NASP Board and asserts that NASP imposes a strict of Code of ethics in an attempt to leverage its case against the penniless amputee, burn victim.
Despite NASP saying this:
"Business practices that reflect negatively on the secondary market, which are unfair or deceptive, or which attract criticism from courts, legislators, regulators, or participants in the primary market pose a significant threat to the continued viability of the secondary market. Companies, firms, entities, or individuals that engage in these practices are not welcome in NASP and will not be invited to join NASP or to continue their membership".
Here's a taste of what naughty NASP members do:
- Numerous NASP members have been found to use false advertising;
- NASP members have participate in interstate forum shopping and lure structured settlement sellers to favorable jurisdictions and to lie in court petitions;
- NASP members have been sued for violations of the Telephone Consumer Protection Act;
- A former NASP member was served with a subpoena by the IRS Criminal investigations division;
- Multiple NASP members have been associated or affiliated with spamming of the internet and brandjacking, harming the ability of consumers to get legitimate structured settlement information;
- A NASP member is associated or affiliated with SellMyAnnuity.Net which posts scraped court records on line, exposing structured settlement payees who have sold their structured settlements to further harassment by other settlement purchasers and people with no business to know their business.
I might add that the behaviors described above are not endemic to structured settlement buyers who are members of NASP, but if that is what 123 Lump Sum calls an imposition of a code of ethics, you can draw your own conclusions.