Introduction This past week, a three-judge panel of U.S. Ninth Circuit Court of Appeals heard oral arguments in a lawsuit seeking class action certification brought by Plaintiff-Appellees Renaldo White and Randolf Nadeau against Defendant-Appellants Symetra Assigned Benefits Service Company (SABSCO) and Symetra Life Insurance Company (Symetra Life) – herein sometimes referred to jointly as “Symetra.”...
Several class action lawsuits, almost always settled without admission of liability, have nonetheless helped shape, and arguably have helped to improve, structured settlement business practices in the United States. Examples include: the Weil lawsuit ; Macomber v. Travelers; Spencer v. Hartford; and Griffiths v. Aviva. On Tuesday October 17, 2023, in Phoenix, a three-judge panel...
Introduction Stephen Harris, who represented defendant Transamerica in the Cordero case, and prominent plaintiff attorney Edward Stone debated the Cordero case during the Society of Settlement Planners (SSP) Annual Conference on March 6, 2023 in Nashville. Their informative and entertaining Nashville presentation occurred prior to more recent decisions by the State of New York Court...
Should structured settlement and settlement planning professionals be required to act, or hold themselves accountable to act, in the “best interest” of a personal injury settlement recipient when making a structured settlement recommendation? And what would, or should, define “best interest” in that context? Best Interest Applied to Secondary Market Transfers “Best interest” is a...
Most members of the structured settlement primary market should be thankful for, if not celebrating, the majority decision in the Cordero v. Transamerica case decided by the State of New York Court of Appeals on April 25, 2023. The decision favoring Transamerica avoided what the National Structured Settlement Trade Association (NSSTA) had argued in its...
On March 14, 2023, the New York State Court of Appeals heard oral arguments in the matter of Cordero v. Transamerica (Cordero Case) – a significant case for structured settlements because it challenges important assumptions about contractual rights and duties among settlement recipients, assignment companies and annuity providers. Plaintiff Lujerio Cordero (Cordero) is/was a structured settlement...
Introduction ChatGPT is a chatbot developed by OpenAI and launched in November 2022. You can access a trial version for free. Using ChatGPT’s inquiry process, Independent Life received the unedited answers below to the indicated questions we submitted. *Independent Life does not claim to validate the accuracy, or lack thereof, of ChatGPT’s responses to Independent Life’s questions. Likewise,...
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