by Structured Settlement Watchdog
Milestone Exposed its Own Hypocrisy
Like a braying burro at a playground ride, on February 5, 2020, the Milestone CEO doubled down against structured settlement annuities, by trashing them as a “bill of goods” in the MIlestone Legal Examiner, a publication targeted to plaintiff trial lawyers. Yet the Hee is a See and the Haw is a Saw.
“See Saw, See Saw See Saw”
The See
“In my humble opinion, the only thing that will make new issuance, or new structured settlement annuities, relevant again are interest rates in the four percent range. The fed (sic) has some work to do before we see that day. In the meantime, working with a professional advisor who is experienced in all of this is the best way to avoid getting sold a bill of goods”.
What does the expression “a Bill of Goods” Mean?
To attempt to convince one of a lie, especially in order to take unfair advantage of them; to swindle or con one [Source: Fairlex Dictionary of Idioms]
Setting aside that “humble” is a self-described adjective impeached by his own writing, John Bair is out there, without proof, implying that his competitors and the life insurance companies issuing structured settlement annuities are committing criminal acts.
The Saw
But despite outward appearances in their blog that structured settlement annuities are irrelevant and a “bill of goods” , structured settlement annuities ARE apparently relevant. From the Milestone website:
“Once the cost of the life care plan is established, we can recommend the financial settlement product best suited to fund the plan. The amount needed to fund the life care plan is not the present value of future medical needs determined by the economist, but rather the actual dollar amount required to fund the structured settlement annuity that will generate the necessary monthly payment outlined in the life care plan for the plaintiff’s lifetime medical needs“
If Milestone is to be believed by “the See”, then its life care analyses are logically irrelevant or, by its own words, “a bill of goods”. But the reality is that they are relevant, to attempt to extract the largest number out of the Defendant. And the fact is that structured settlement annuities are also used in New York CPLR 50 A and 50B projections and in the funding of structured judgments. Furthermore, a structured MSA uses substantially less resources than a cash MSA.
Structured Settlement Industry Production Hits Milestone
In 2019, the structured settlement industry produced in excess of $6.4B of structured settlement annuity premium, a new milestone, in a period of low interest rates. Clearly structured settlement annuities are relevant.
If Milestone doesn’t believe they are relevant, why hasn’t Milestone Consulting put their money where their mouth is and withdrawn its appointments with all the structured settlement annuity insurers they are appointed with?
Chicken? It is not believed that Milestone is appointed with USAA, American General or United States Life Insurance Company in the City of New York.