New York Court of Appeals building in Albany. Photo: Ryland West/ALM NY Court of Appeals Dislodges Insurance Companies From Guardian Role in Sale of Structured Settlements
In Cordero v. Transamerica Annuity Service, the appellant, a former New Yorker, won a nearly seven-figure structured settlement for childhood lead poisoning, but then sold it to a procession of factoring companies for less than a third of its worth.
April 25, 2023 at 05:09 PM
4 minute read
A decision by the New York Court of Appeals on Tuesday makes third-party insurers not responsible for the long-term best interest of the holder of a structured settlement who wants to sell.
In Cordero v. Transamerica Annuity Service, the appellant, a former New Yorker, won a nearly seven-figure structured settlement for childhood lead poisoning, but then sold it to a procession of factoring companies for less than a third of its worth.
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