MN Attorney General wants to crack down on settlement abuses
October 22, 2021
Attorney General Keith Ellison said he will push for legislation that would make Minnesota the first state to guarantee that anybody who wants to sell part of their court settlement would be represented by an attorney.
"I think having a lawyer on your side will make a dramatic and important difference and will ensure that people have the best outcome," Ellison said in an interview this week. "This is an industry that depends on taking advantage of vulnerable people in desperate circumstances. In most cases, if these deals are put through proper scrutiny, they aren't going to happen."
Each year, settlement purchasing companies persuade U.S. accident victims to sell an estimated $1 billion in future payments. On average, the companies keep 60% of the money, according to a Star Tribune analysis of more than 2,400 deals from seven states from 2000 to 2020.