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Litigation

Aug. 4, 2009

Deal Payouts Draw Scrutiny In Sacramento

Thousands of people each year sell a portion of the annuities they receive as court awards or in settlements to a specialized group of firms that buy them for a fraction of what they'd be worth over time. Now some trial lawyers want legislation to protect their former clients from what they believe are unwise financial decisions.

By Catherine Ho
Daily Journal Staff Writer

She was pregnant and 16 years old when she was awarded a six-figure settlement from a tire company for a rollover accident that killed her grandparents and left her in the hospital for a month.

The settlement would have been enough to support her and her two young children for life, said her former attorney Katherine Harvey-Lee, of Greene Broillet & Wheeler. Instead, two years later, she was broke.

...

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