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Stories of Interest
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
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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.