Litigation

New York Judge Hunter Prevents "Vulture" Snack in Bronx

By John Darer

  In the Matter of Medina New York Supreme Court Bronx County 260363/08 decided December 12, 2008 Justice Alexander W. Hunter, Jr. has denied a structured settlement factoring transaction because he could not "state with reasonable certainty whether or not the transaction is in the best interest of the payee". The best interest standard requires the judge to take into account the welfare and support of her dependents.

Medina wanted to sell the rights to a $55,000 lump sum payment due June 5, 2012 to cash now pusher Structured Asset Funding, LLC, the company that uses Ferraris and boats as a reason to sell your structured settlement (and whose principals are also the principals of Benzten Funding Solutions, the company whose President stated it pays kick backs to 90% of the stuctured settlment brokers it does business with) for $31,500. The purpose of the proposed deal was to enable a move and to buy furniture.

In his decision denying the petition Judge Hunter stated that "Ms. Medina does not indicate whether or not she is employed or otherwise receives a monthly income in order to enable her to pay her monthly rent, utilities and other household expenses. Moreover, she does not indicate how long she intends to live off of the $31,500 she will be receiving from said transfer. She also recently received an annual payment of $16,900 on June 5, 2008 that could have been applied toward relocating to a place of her own".

A tip of the hat to New York attorney Gary E. Rosenberg for a nice write up on Matter of Medina  in Structured Settlements: Beware of The Vultures

Related Reading

New York Judges Getting It Done!  July 4, 2007

All Hail Judge "Bite Yer Legs" Hunter! May 25, 2007

Full post as published by Structured Settlements 4Real on January 16, 2009 (boomark / email).