Structured settlements and mass torts, not for the "do it yourself" crowd...

As a follow up to my article and commentary last week I shot an edition of Speaking of Settlements in which I discuss again the problems that occur when a settlement planner decides to "do it themselves" in a complex situation.

Actually the situation and case I am discussing is even more distressing than I outlined in my prior commentary, largely because the litigation provided for several sub qualified settlement funds to be created on a firm or regional basis, and in almost every instance, the law firms either decided to not provide planning for their clients or elected to have their QSF set up by firms that have never done a taxable damage QSF.

How do I know this?

All you need to do is read the filings in federal and state courts to determine that in a couple of cases the documents were pure boiler plate from previous mass tort's, typically pharmacutical litigation.

While any structured settlement professional is free to work with whom ever they want, I think it would benefit our profession greatly if brokers would refrain from providing "free solutions" to lawyers who either don't understand the value of a qualified settlement fund, or don't want to pay for the value it does provide.

Free solutions and/or do it yourself...neither is how I'd want to have my claim settled.

Posted on January 23, 2012 .