Unstructured Settlements
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Unstructured Settlements
Marcie Phillips, 53, is brain-injured as a result of a 1993 medical error that caused a stroke during her surgery. The hospital agreed to settle with a structured settlement, as overseen by a county court.
Phillips soon married Jerry, who took over the executorship of the settlement and proceeded to make loans against the settlement, which equaled about $550,000. It wasn't long before he had lost all of the the money. According to the civil complaint filed by Marcie, Jerry had used the loan money to purchase "cars, narcotics, illegal drugs, jewelry, liquor and other miscellaneous items." Of course Phillips is suing for 20 million in punitive damages.
A lot of time and effort was put into structuring a settlement in the best interest of Marcie and in this case it was too easily foiled. Should we consider making settlements "unstructurable"? There is some concern that factoring and cash-out companies take advantage of unsuspecting customers by taking a large portion of the settlement in exchange for a significantly smaller lump sum.
In Marcie's case it makes sense to put into place more stringent safeguards to protect her rights and interests in her settlement, specifically because she had reduced mental capacity. We should look to protect minors, senior citizens, the mentally impaired, and injured settlement winners. Everyone else has access to resources and information to help them make the best choices and should be entitled to choose whatever they desire. I personally know of cases where cashing out was absolutely the best thing to do and a positive choice. But, I am also personally aware of many situations where customers have cashed out their settlements and it was absolutely the wrong thing to do. Unstructuring a settlement seems to be a fundamental right, but it doesn't have to be as morally corrupt as what happened in the Phillips case.
Copyright 2007 Mark Schwartz - All Rights Reserved
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