Funding companies are contacting victims by phone and Facebook, offering lump sums now in exchange for the right to collect future installment payments from LA County's $4 billion sex abuse settlement. According to lead attorney Ray Boucher, more than 180 victims nationwide have sold their payouts to about a dozen companies, and some have given up a significant share. The discount rates cited range from 9% to 11%, and court filings show most sellers receive about 80% of the amount sold; one Gardena man agreed to sell $90,400 for $25,000, which the funder called a mistake, saying he would receive about 72%. California judges must approve such sales, and lawyers argue the contracts leave questions about attorney fees, which typically take about 40%, unanswered. Payouts for two law firms behind most of the claims have been paused pending probes, leaving thousands in limbo.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Circling like shark : Companies are buying up LA County $4 billion sex abuse settlement
Read the original on hanfordsentinel.com ↗
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