Maryland Attorney General News Releases Update

Attorney General Frosh Announces Settlement with Structured Settlement Factoring Company Consumers to Receive Full Restitution

Baltimore, MD (January 8, 2018) – Maryland Attorney General Brian E. Frosh announced today that his Consumer Protection Division has entered into a settlement resolving an investigation into Annuity Sold, LLC, its affiliated companies (Uber Funding, LLC, Bendermere Capital Solutions, LLC, Axis Funding, LLC, Stonebridge Capital, LLC, Greenspring Funding, LLC, LSG, LLC, Preak Street, LLC, ILILIL2010, LLC, Palantir Packaging, LLC, and JRR Funding, LLC), and its owners (collectively “Respondents”). The settlement resolves allegations that Respondents violated the Maryland Consumer Protection Act by misleading injured Marylanders, some of whom are victims of lead paint poisoning, to convert future structured settlement payments into immediate cash. Under the settlement agreement, Respondents are required to pay full restitution to all Marylanders, which is estimated to be between $450,000 and $500,000, as well as civil fines and costs between $175,000 and $425,000. 

“Structured settlements are intended to provide long term care and support for individuals, such as lead paint poisoning victims, who suffered a life changing injury,” said Attorney General Frosh. “We will continue to fight to stop predatory companies who use deceptive sales tactics and other misrepresentations to take advantage of vulnerable Marylanders.”

Read more in the full press release:http://www.marylandattorneygeneral.gov/press/2018/010818.pdf