The Country’s largest specialtyfinance firm has agreed to limit the rates it charges New Yorkers who selltheir right to receive structured settlements in exchange for a lump-sumpayment, State Attorney General Eliot Spitzer announced yesterday.
The agreement, which is thefirst of its kind in the nation, also commits the J.G. Wentworth firm ofDelaware to complying with the state’s plain language law in drafting contracts,modifies the terms of its standard contract, and institutes a five-daycooling-off period for parties to withdraw from an agreement.
