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Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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NEWSLETTERS & ALERTS
Wall Street News
Wall Street Distressed Debt Desks Banking on NFL Concussion Settlement Claims
The NYPost reports that at least 3 Wall Street firms - Cowen & Co., Cantor Fitzgerald, and Jefferies – have reportedly been quietly involved – directly or indirectly - with purchases of a small number of claims filed by former NFL players under the league’s $1 billion concussion settlement fund.
Cowen bought an unknown number of claims directly from players, though none in at least the past 6 months. Jefferies and Cantor Fitzgerald have denied that their desks made any purchases, though each appears to have been exploring the issuance of loans to companies that are looking to buy settlement claims – like Crunch Cash, Prime Cash Funding, and MultifundingUSA dot com.
Settlement claims, which can range up to $1 million or more and can be purchased for as low as 50 cents on the dollar, give buyers the right to receive the full amount of the settlement whenever it comes through.
That said, there’s a stigma attached to dealing in these settlements, and the prospects of bad PR may be enough to dissuade other Wall Street firms from joining the fray.