The J.G. Wentworth Company® Calls for Industry-wide Adoption of Stronger Consumer Protection Standards in Structured Settlement Payment Purchases
RADNOR, PA, November 13, 2015 — The J.G. Wentworth Company ® (“J.G. Wentworth” or the “Company”) (NYSE: JGW), a diversified consumer financial services company, will call upon the members of the National Association of Settlement Purchasers (NASP) attending its annual conference to adopt stronger standards to increase industry transparency, consumer education and oversight. Taken together, these standards would help ensure consumers can confidently navigate the structured settlement secondary marketplace and get the liquidity they need.
Specifically, J.G. Wentworth will be calling upon the industry to address the following areas:
These proposed standards are an extension of longstanding efforts by J.G. Wentworth and NASP to promote consumer protection, including efforts to enact model consumer protection laws in all 50 states. Support for improved laws in states like Wisconsin and Illinois have ushered in reforms requiring sellers of structured settlement payments to personally appear at the hearing on the application and strengthening the disclosure language around settlement transfers. Similar efforts are currently being made in Maryland, Virginia and Florida, where sponsors for legislation have been secured.
About The J.G. Wentworth Company®
The J.G. Wentworth Company® is a diversified consumer financial services company. The Company is focused on providing direct-to-consumer access to financing needs through a variety of solutions, including: mortgage lending and refinancing, personal lending, structured settlements payment purchasing, and prepaid cards. Through the J.G. Wentworth, Peachtree Financial Solutions, and Olive Branch Funding brands, the Company is the leading purchaser of structured settlement payments.
Mortgage loans are offered by J.G. Wentworth Home Lending, Inc. NMLS ID # 2925 (www.nmlsconsumeraccess.org), 3350 Commission Court, Woodbridge, VA 22192; 888-349-3773.
For more information about The J.G. Wentworth Company®, visit www.jgw.com or use the information provided below.
This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
Erik Hartwell, VP, Investor Relations
The Glover Park Group
Ray Conger, 202-292-6961