Sale of Structured Settlements – New Law and the Role for Attorney Advisors

Originally Recorded: Jan 9, 2025

Description: 
Structured settlements are arrangements that allow periodic payment of damages for personal injuries established by settlement or judgment in resolution of a tort claim. There is a structured settlement purchasing industry that offers discounted upfront payments to induce beneficiaries to sell their future structured settlement payments. The practice of offering an upfront payment in exchange for the assignment of all or partial future benefits under a structured settlement is called “factoring.”

Concerned about the terms related to the sale of structured settlements (“SSS”), the Minnesota Legislature recently revised the statutes governing the SSS. A fundamental component of the revised statutes is that they require Minnesota judges to appoint Attorney Advisers in certain cases and permit judges to appoint Attorney Advisers in other instances. An Attorney Adviser is tasked with advising the court, based on the attorney’s independent assessment, whether the proposed sale is in the best interest of the beneficiary. This CLE will provide background information about factoring; the statutes that govern the SSS; and discuss how appointments of Attorney Advisors work.

Speakers:

• Jason Pleggenkuhle, Assistant Attorney General and Manager, Consumer Protection Division
• The Honorable Kristin Siegesmund, (Ret.), Hennepin County District Court
• Ron Elwood, Legal Services Advocacy Project (Mid-Minnesota Legal Aid)
• Randi Roth, Complex Settlements, P.C.
• Alva Dial, Legal Resolutions, Inc.
• Amy Gernon, Gernon Law, PLLC

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Materials

• Structured Settlements Handbook

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Participant Sign-In
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