May 16, 2016
Contact: Cindy Hoang, National Consumers League, email@example.com, (202) 207-2832
Washington, DC—The National Consumers League (NCL), the nation’s pioneering consumer and worker advocacy organization, applauds action by Maryland Attorney General Brian Frosh to help consumers who are victims of predatory schemes designed to deprive them of their structured settlements.
The following statement is attributable to Sally Greenberg, NCL executive director:
“Structured settlements, by their very nature, are designed to provide ongoing support to consumers who have been the victims of harmful business practices. Unfortunately, many of these vulnerable consumers fall prey to criminals who seek to deprive them of their money by offering pennies on the dollar in lump-sum payments. The recent action by Attorney General Frosh addresses one of the most egregious incidents of this conduct that we have ever seen. Consumers like the late Freddie Gray, who have endured lead poisoning, deserve to be compensated adequately for the harm caused to them -- harm that often permanently impairs their ability to earn a livelihood.”
NCL also urged Maryland Governor Larry Hogan to sign into law HB 535/SB 734, which would reform how structured settlements are administered in the state. The bill, which was passed with unanimous support in the Maryland General Assembly last month, will ensure that holders of a structured settlement are better protected from the kinds of unfair and deceptive practices that Attorney General Frosh’s enforcement actions are designed to stamp out.
“NCL has a long track record on this issue, working with disability advocacy groups like the American Association of People with Disabilities and industry groups like the National Structured Settlements Trade Association, to shine a light on abusive practices in this industry,” said Greenberg. “It is our hope that the actions in Maryland and across the country will help protect the many consumers for whom a structured settlement is a financial lifeline.”
About the National Consumers League
The National Consumers League, founded in 1899, is America's pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit www.nclnet.org.