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February 22, 2018

WSJ: MetLife faces lawsuit over structured settlement problem

Filed under: Structured settlements — Peter Arnold

It’s always nice to be quoted in The Wall Street Journal, especially when the author is the perennially sharp-eyed editor Leslie Scism. Yesterday, she posted an interesting article on a recent lawsuit against MetLife that involves a problem with the payment streams from one of its structured settlement annuities.

Leslie has covered structured settlements for The Journal for years and it was a pleasure to provide her with background on the structured settlement industry, which issued about $5.6 billion in annuities in 2017.

Here’s Leslie’s article and she was kind enough to quote me midway down:

Lawsuit Alleges MetLife Mistake Helped a Woman Keep Settlement Money From Her Daughter

By Leslie Scism
Feb. 21, 2018 5:30 a.m. ET

When Nicole Herivaux was born at Coney Island Hospital in New York in 1980, doctors made a mistake that left one of her arms useless.

Ms. Herivaux’s family sued and reached a settlement on the infant’s behalf. It provided $2,200-a-month in lifetime income paid out by an insurance firm, and lump sums of as much as $200,000 were sprinkled in to help, say, with college costs.

This money was supposed to be paid into specified banks until….

More: https://www.wsj.com/articles/a-childs-deformity-caused-by-medical-malpractice-extends-metlifes-woes-1519209001?mod=searchresults&page=1&pos=12