Structured Settlements 4Real®Blog 2026
Structured settlements expert John Darer reviews the latest structured settlements and settlement planning information and news, and provides expert opinion and highly regarded commentary. that is spicy, Informative, irreverent and effective for over 20 years.
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Category: ELNY Liquidation News and Commentary
ELNY Liquidation News and Commentary follows the the February 6, 2013 decision of the New York Appellate Division, Second Department issued a decision on February 6, 2013, that effectively affirmed Justice John Galasso’s April 16, 2012 order placing ELNY in liquidation and approving the ELNY Restructuring Agreement.
In the Matter of Executive Life Insurance Company of New York. Superintendent of Financial Services, formerly known as Superintendent of Insurance of State of New York, petitioner-respondent; Jennifer Aracil Appling, et al., appellants; National Organization of Life and Health Insurance Guaranty Associations, etc., nonparty-respondent.
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The settlement is “in lieu” of plaintiff’s human capital lost in the 1981 plane crash. The Yerkes settlement is intended to be a 1-to-1 replacement of damages awarded to Plaintiff in his original suit alleging physical injury, staying faithful to the principle of “human capital” rationale that emanates from Section 104(a)(2) as instructed by the Supreme…
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On April 26, 2022, the Court found Plaintiff Eric Yerkes’ legal malpractice claim shall not be precluded and there is a genuine dispute of material fact regarding whether Defendant Anapol Weiss, a Philadelphia personal injury law firm breached its standard of care.
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Central to dismissal against Cessna and Certain Underwriters at Lloyds of London, was that there was a qualified assignment to which Yerkes consented. But Anapol missed or punted on readily available sources of info on Executive Life that should have given them pause in my opinion.
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It’s notable that the annuity agent on the Shaw case was Merrill Lynch Settlement Services, Inc. which appears to have utilized a cheap annuity from Executive Life, ignoring some unavoidable facts, apparently including Merrill Lynch internal guidelines.
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The United States Court of Federal Claims ruled that the U.S. is not obligated to cover a shortfall for an annuitant over 30 years after settling personal injury litigation with the Department of the Army.
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Executive Life Insurance Company of New York structured settlements were also placed by plaintiff structured settlement advisors, including one, who at one time was one of the the largest contributors to AAJ, then known as the Association of Trial Lawyers of America.
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Disgruntled Dick Risk looks foolish for his hemispheric portrayal of the structured settlement industry as Rocky “getting pummeled”. As a fighter, Rocky kept getting up after gettng down. Never gave up. It merely demonstrates that Dick Risk may have hoisted on his own petard..
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The ability of investors in structured settlement payment rights to receive the same statutory protection as an annuitant who is receiving the payments as damages for their physical injury or a wrongful death is a matter for speculation.
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As much as 40% of ELNY’s assets were invested in stocks when the New York Liquidation Bureau was working with Credit Suisse, which is more than double what most insurance companies were permitted.