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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.