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MD Company to Pay $450K in Lead Paint Case

Wednesday, January 10, 2018

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The office of Maryland Attorney General Brian Frosh announced Monday (Jan. 8) that it had reached an agreement with a company accused of misleading consumers into taking cash buyouts in exchange for settlements.

The Case

The company, Annuit Sold, and multiple affiliates were accused of sending deceptive mailers to people who had structured settlements for lead paint poisoning. The Baltimore Sun reports that those mailers included tactics such as a letter sent “on behalf of Honorable Judge Larry C. David,” (who is not a real person) or another offering free tickets to Baltimore Ravens football games.

© iStock.com / XiFoto

The company, Annuit Sold, and multiple affiliates were accused of sending deceptive mailers to people who had structure settlements for lead paint poisoning.

The attorney representing Annuit Sold said that while the company “disagrees” with the allegations, they opted for the agreement to avoid litigation.

The agreement mandates that the companies pay those consumers the difference between the amount they were given in cash and the value of the annuity payments they would have received had they stuck with their settlement. The office estimates that the companies will pay between $450,000 and $500,000.

The affiliates are: Uber Funding, Bendermere Capital Solutions, Axis Funding, Stonebridge Capital, Greenspring Funding, Preak Street LLC, ILILIL2010, Palantir Packaging and JRR Funding.

Maryland’s History

Frosh has gone after several companies that have convinced victims to sign over the bulk of their settlements in exchange for one-time payments. This practice, the attorney general argues, is in violation of the Maryland Consumer Protection Act

Most recently, Frosh filed a suit—along with attorneys for 100 people—against Access Funding, a structured-settlement-factoring company based in Chevy Case, Maryland, saying that the company bought structured settlements from clients who had won those settlements in lead-paint lawsuits against former landlords.

In that case, Access Funding acquired a gross total of $32.6 million in future payments for its customers between March 2013 and August 2015; however, at most, it doled out $7.5 million in cash to those customers, according to a complaint filed by the attorney general’s office in 2016.

 

Editor's note: This story was edited at 9:07 a.m. on Wednesday, Jan. 10, to correct the spelling of Maryland Attorney General Brian Frosh's name.

   

Tagged categories: Ethics; Laws and litigation; Lawsuits; Lead; Lead paint abatement

Comment from Allen Irish, (1/10/2018, 7:40 AM)

Note that the Maryland AG is Brian Frosh, not Fosh.


Comment from Gregory Stoner, (1/10/2018, 8:33 AM)

And this what we know about, can you imagine. I wonder who is going to jail or lose their job over this.


Comment from Brandy Hadden, (1/10/2018, 9:09 AM)

The name has been corrected. Thank you, Allen!


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