Smart investment bankers – the type who managed to turn catastrophe risk into an investment-grade asset class – should be eyeing up the fruits of litigation reform in the UK. By Christopher Stoakes
On December 28 1998, JG Wentworth, a Philadelphia-based investment bank, announced that it had sold $1.1 billion of structured settlement-backed notes in an institutional private placement. The issue was rated triple-A by Standard & Poor’s, Moody’s and Duff & Phelps.
Structured settlements are familiar to lawyers and, in particular, those who specialize in personal injury.
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