Law Offices of Ronald C. Burke

REQUEST A FREE CONSULTATION212-808-800824/7 EMERGENCY HOTLINE516-965-4370

Blog

J.G. Wentworth Denied Request To Purchase Proceeds of Structured Settlement at $105,000 Discount

When cases settle involving a plaintiff who is less than 18 years old, oftentimes their recovery is paid out thru an annuity or contract that stretches out the payment over many years into the future. One of the reasons for doing this is to protect a young person from impulsively spending the entire recovery before they reach a mature age. J.G. Wentworth is in the business of purchasing these annuity contracts at a significant discount but it does require Court approval. On August 15, 2017, a Surrogate's Court Judge denied a motion by J.G. Wentworth to purchase an annuity with a present value of $351,000 for $245,000. This deal ("steal" in my opinion) would have produced a windfall profit of $105,000 with no risk for J.G. Wentworth. The injured plaintiff who had recently turned 18 had already spent $186,0000 and the Judge wisely protected the young plaintiff from himself.

The Court noted: "The payee (young plaintiff), who had waived receiving any independent advice...did not fully appreciate the long-term consequences of selling his payments. The court could not sanction an impulsive transfer for which there was no real urgency, particularly when it was diametrically opposed to the very purpose of of the Structured Settlement Protection Act to prevent rapid dissipation of payee's (plaintiff's) awards." 2017 WL 3324841

Ronald C. Burke, Esq

Trial Attorney with 30+ Years of Experience Attorney Ronald C. Burke, Esq. has more than 30 years of experience and has focused his career on representing clients in cases involving personal injury, medical malpractice and legal malpractice. He is a seasoned trial lawyer and has won many seven-figure settlements and verdicts for his clients over the years, including many case victories listed among the largest in the history of the New York State. He has been featured in the news and is a regular lecturer for the New York County Lawyers Association, as well as having lectured before the New York State Bar Association. Ron is also an attorney with Kelner & Kelner, a New York personal injury law firm. Awards and Accolades Mr. Burke's awards and accolades are many. Among them, he has been included in New York Super Lawyers® each year since 2010, and he has received the highest-possible AV® Rating from Martindale-Hubbell®. Verdict Search, a part of the New York Law Journal, frequently recognizes his notable successes after winning some of the highest settlements and verdicts in past years. He was also featured in their list of the "Top New York Verdicts of 2011" and "Top New York Settlements of 2012." He is a member of the New York State Bar Association and is licensed to practice law in the U.S. District Court for the Southern and Eastern Districts of New York, as well as before the United States Supreme Court. When Attorney Burke is not handling legal malpractice cases, he is highly involved in the local community. He is a member of the Village of Rockville Centre Volunteer Fire Department, has served on the local school board and as Chairman of the local Zoning Board. Learn more about Attorney Burke and how he can skillfully handle your malpractice case by contacting the Law Offices of Ronald C. Burke, Esq. right away to schedule your complimentary case evaluation. Our firm is here to help! Contact a New York Legal Malpractice Attorney Our firm provides each client's case with thorough preparation and aggressive representation, ensuring that you win the best possible results for your case whether it is settled or goes to trial. As a seasoned trial lawyer, Mr. Burke can provide the strong and relentless representation you need to establish negligence in a legal malpractice case and to recover any damages you may have suffered. Our firm can recover compensation for pre-trial and trial malpractice, violations of fee arrangements, loss of income, pain and suffering, and much more. Contact us today!

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Go to Top