In this weeks edition of Speaking of Settlements I discuss and review the events of last week in the financial market, which saw the collapse of Lehman Brothers, the fire sale of Merrill Lynch to Bank of America and the federal bail out of AIG. Never in US financial history have we ever seen a swifter and more frightening collapse of financial institutions then was witnessed last week.
This 12 minute commentary and review goes into the events that led up to last week, but also what does the future hold for AIG, structured settlements and others who work in the settlement market. Does this mean that AIG is up for sale? Will the AIG casualty companies survive in their current form? Will NSSTA lose a key member through the sale of one of the crown jewels of the life insurance world in American General? What about approved life and broker lists or the use of 468B trusts?
Those questions remain to be answered but change is coming and our industry, trial lawyers and claimants need to be prepared.