Settlement-buying companies across the country are busy cashing in on people who can't wait to cash out. The use of structured settlements is booming. And the insurers and "factors" who use them are worried about becoming victims of their own success. Insurers fear that Congress might restructure the tax benefits that have made these settlements popular and profitable. They've responded by waging scores of state and federal court battles to prevent settlement-holders from selling.
October 04, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
You’ve seen the TV ads: If you have a structured legal settlement, there are numbers to call right now to turn an income trickle into a jackpot of cash.
Settlement-buying companies in New York, Pennsylvania, Texas, Georgia, New Jersey and Maryland are busy cashing in on people who can’t wait to cash out. The companies charge interest like a bad credit card, factoring the time value of money at about 23 percent.
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