by Structured Settlement Watchdog
Prickly Intellectual Property Dispute in Lovell Wyoming
Last week Eastern Point Trust Company sent two letters through their legal counsel to the town of Lovell Wyoming, stating that Flatirons Bank and other entities, including the town Lovell and a company called Justice Escrow, which works with Flatirons, were in violation of the law, town attorney Rolin said, and infringing on Eastern Point’s intellectual property. The infringement claims against the Town of Lovell exceed $100 million. The residents of the Town of Lovell must be gravely concerned.
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Who is Eastern Point Trust Company?
Eastern Point Trust Company – Overview
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Lovell Mayor Tom Newman then called a special meeting, held Friday at 11:30 a.m. (MT), to discuss the issue.
One letter is a public records request, town attorney Rolin said, and includes a spoliation notice demanding that the town not destroy any records related to the QSF arrangement, a practice Rolin said the town and legal counsel doesn’t do as a matter of practice. Town administrator Jed Nebel said he had already gathered the public records Eastern (Point) sought. The second letter is essentially a cease-and-desist letter, demanding that the town of Lovells stop working with Flatirons Bank.
“Lovell and Leave ‘Em”
The town of Lovell Wyoming has pulled out of a 2023 agreement with Boulder Colorado based Flatirons Bank that involved one of the nation’s top trial lawyers and settlement planner Nick Coccimiglio. Lovell had been working with Flatirons Bank in the process of establishing qualified settlement funds (QSF), which are used by trial lawyers following a settlement or judgement to protect large sums of money when the FDIC only insures accounts to $250,000. Town of Lovell cancels QSF agreement after legal demand | Lovell Chronicle
According to the Lovell Chronicle’s David Peck, “Jakob Norman of Trial Lawyers for Justice from Bozeman, Montana, formerly of Casper, Kyle Heckman of Flatirons Bank and Nick Coccimiglio, a settlement planner with Justice for Life from Alpine, Wyoming, attended the regular town council meeting on August 8, 2023, with Norman saying he heard about Lovell through his friendship with Lovell native Steven Allred”.
Norman explained at the time that once a settlement or judgement in a lawsuit is reached, the person awarded the funds must have a temporary place to hold the funds, and a QSF is a vehicle to do so. The town would play an administrative role only and would not actually handle the funds or be liable in any way but would receive a filing fee as the government agency of record. The town turned the matter over to legal counsel for review at that time.
According to the previous David Peck article about the venture, found via Nick Coccimiglio’s Muck Rack, Lovell council approves lawsuit settlement fund agreement | Lovell Chronicle, dated October 19, 2023. After the town legal counsel reviewed the proposed agreement and recommended some modifications, the council voted on October 17, 2023, to proceed with the agreement with Flatirons Bank, a 468B Fund Service Agreement. According to that article Norman said ” he was interested in establishing a relationship with the town to operate a QSF company, which must be approved by a governmental entity.
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What is Muck Rack?
Muck Rack was founded in 2009 to connect journalists on social media. In 2011, the Muck Rack software platform was born, offering journalist profiles and a media database that gained a reputation for being the most accurate in the industry. Since then, Muck Rack has grown into a suite of new and innovative PR management tools powered by world-class data. Our business success has allowed us to invest even more in our free journalist solutions, research and media data that underscore our commitment to serving the journalist community and supporting a free press.
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He said once a settlement or judgement in a lawsuit is reached, the person awarded the funds must have a temporary place to hold the funds, and a QSF is a vehicle to do so. The town would be the pass-through vehicle for the money in an administrative role but would not actually handle the funds or be liable in any way. The town would, however, receive a filing fee as the government agency of record”. “We don’t touch the funds,” Mayor Tom Newman emphasized in August 2023, noting that the town would, in essence, act as an auditor to make sure funds come in and go out through the QSF.
The filing fees could be substantial over time, Lovell Mayor Newman said in 2023 before the town council voted to approve the now nixed 468B Fund Service Agreement with Flatirons Bank.
How Much Were Lovell’s “Substantial Fees”?
According to Peck’s October 2023 article, The Town of Lovell will receive $25 for each 468B fund submitted by the bank and an additional $75 for each 468B fund that is funded from the proceeds of a claim.
According to Peck’s January 30, 2025 article, The Town of Lovell had been involved in 80 or so QSFs over an 18 month time frame.
What Is A Qualified Settlement Fund §468B-1 | When to Use QSFs