by Structured Settlement Watchdog
The United States Department of Justice Civil Division (DOJ) engages insurance licensed structured settlement annuity brokers to administer settlement payments according to their schedules.
Structured settlement industry colleagues, please pay attention to the Declaration you signed before you submitted it to the Department of Justice.
The Declaration must be executed under penalty of perjury in a manner specified in 28 U.S.C.1746. A person convicted of perjury under federal law may face up to five years in prison and fines.
28 CFR 50.24(a)(6) of Annuity broker minimum qualifications.
“The broker must have had substantial experience in each of the past three years in providing structured settlement brokerage services to or on behalf of defendants or their counsel.
What is Substantial?
“of considerable importance, size or worth”
While not impugning the quality of any listed broker’s work, for at least one half dozen names on the DOJ Annuity Broker list, one has to call into question:
1. whether they, in fact have provided structured settlement brokerage service in each of the past three years to or for the benefit of defendants or their counsel and;
2. If 1 is yes, has the service been substantial, in each of the past three years?
Read the complete criteria here.
For the declaration under penalty of perjury click here
Deja Vu All over Again?
- In 2007, one of the brokers who signed the current Declaration and appeared on the 2018-2 list at time of posting, was called into question by a member of leadership of ATLA (Now AAJ) and responded:
- “The affidavit that we sign requires that we have significant experience consulting with defendants. Our firm does a qualified assignment practically on every case, and in many cases the defendant or defense counsel whether represented or not consult with us.
- We felt comfortable with the declaration. We don’t however get, solicit or would take a case from the DOJ. When we have a plaintiff client that has a case against the DOJ, we represent the plaintiff as we always would”. Sounds “cute” right?
When the Final Rule was published, there was this poignant and direct quote:
“As is true with any party in litigation, the United States has the right to select its own experts and consultants, including annuity brokers, and to engage in frank and confidential discussions with its experts and consultants.”
Think about it colleagues, what message are you sending?
References
eCFR :: 28 CFR 50.24 — Annuity broker minimum qualifications.