Justice David Elliot
J.G. Wentworth sought court approval for the sale and transfer of payee Rahman’s structured settlement payment rights. The application was previously denied as the court questioned if a 14.99 percent discount rate was “fair and usual.” Here, the court noted that while petitioner no longer charged Rahman the $2,000 attorney fee, the annual discount rate increased to 17.78 percent from 14.99 percent. Further, while petitioner demonstrated it complied with General Obligations Law §5-1705, the Structured Settlement Procedure Act, it failed to address the prior court’s questions. Also, the court concluded a “global consideration” of the facts yielded a determination that petitioner failed to show the transfer was in Rahman’s best interestsm or that it was fair and reasonable. It stated the fact that Rahman did not consult independent legal counsel and was selling her payments for a mere 20 percent of their worth hardly seemed in her best interest. Therefore, under the instant circumstances, the court found petitioner failed to demonstrate that the terms were fair and reasonable and denied the application.
