Please take a moment to read and sign my petition, and ask everyone you know to do the same. With one stroke of his pen and at no cost to tax payers, NY Governor Andrew Cuomo can protect thousands of severely injured people who were wronged by NY State. The situation has left many victims with a significantly diminished means of supporting themselves, and many located in states where they are not legally permitted to protect themselves in a court of law.

 

My name is Eric Rabinowitz, and I am one of thousands of severely disabled victims of medical malpractice, car accidents, construction site negligence, etc., who brought lawsuits against those responsible for causing life-altering injuries and accepted a settlement in the form of a New York state-guaranteed structured settlement annuity. These types of annuities pay out a specified amount of money every month over an extended period of time, often for the duration of a lifetime. A traditional annuity offers the expectation of safety and security. This is especially true of NY State-guaranteed annuities because, at least in the past, they have always paid in full exactly what the insurance companies promised. The "guarantee" ensured that if something went wrong with the investments, the State of New York would step in to make sure the payments would not be interrupted or reduced. Since the annuities were intended to pay for future medical and living expenses, the NY State guarantee was often the primary reason plaintiffs chose to accept this type of settlement. However, as a result of longterm institutional malfeasance committed by the state agency tasked with protecting and managing the funds for more than a thousand of the plaintiffs who have depended on the monthly payouts for years, some for decades, the state government in NY has allowed the payments to be slashed by as much as 66%. In real terms, someone who was formerly receiving $1000 a month is now getting $333, a tremendous financial hit.

 

A lawsuit was brought in 2012 by the "shortfall" victims in an effort to save their guaranteed annuities from being cut without notice and to stop NY State from victimizing them again. The annuities ran into financial trouble due to years of fiscal mismanagement, rampant fraud, and outright theft while under the watchful eye of a state agency known as the New York Liquidation Bureau (NYLB). During the lawsuit to get to the bottom of why these annuities were being cut, the State Supreme Court judge presiding over the case, John Michael Galasso, denied the disabled victims due process by sealing the NYLB accounting records! He also upheld the confidentiality agreements the NYLB imposed on its employees. To add insult to injury, the judge charged the victims' attorneys with contempt of court and imposed heavy fines when they tried to move the case to a higher federal court. 

 

Because of NY State's mismanagement of the annuities and the judge's decisions, many of the victims have been left with a greatly diminished capacity for independence and self-support. The state government in New York has quietly swept the situation under the rug, thus setting a terrible legal precedent for similar cases across the country. If nothing is done to reverse the decision in NY State that has essentially given the the green light to the insurance and investment banking industries to commit this type of fraud, more victims across the country will find themselves with no legal recourse to recoup the funds they deserve and were promised.

 

Remember, with Governor Cuomo's swift intercession, these funds the state of New York once guaranteed could easily be restored at no cost to the taxpayers by using fines and penalties the state collected from insurance companies and investment banks. Please help me by signing this petition to inspire Governor Cuomo to do the right thing by all New Yorkers and Americans! If this injustice can happen to me and my fellow annuitants, it can most certainly happen to anyone with an insurance or investment fund. It is not too late for Governor Cuomo to rectify the situation or for anyone with financial investments in this country to win back the protections every American deserves.

 

Thank You for your time and attention to this important matter, 

Eric Rabinowitz

 

MEDIA COVERAGE

INSIDE SOURCES (.com) - Andrew Cuomo’s Secret Plan That Took from the Pockets of 1,500 Widows, Accident Victims, and Handicapped: <a href="http://www.insidesources.com/andrew-cuomos-secret-plan-that-took-from-the-pockets-of-1500-widows-accident-victims-and-handicapped/"

 

WNBC 6, SOUTH FLORIDA - 1,500 People Are Taking On The State Of New York In A Legal Fight…: <a href="http://www.nbcmiami.com/investigations/Life-Insurance-Payment-Dispute-207657641.html

 

DAILY NEWS - Accident Victims Are Suing New York Liquidation Bureau As State Agency Slashes Their Payments: <a href="http://www.nydailynews.com/new-york/accident-victims-sue-new-york-liquidation-bureau-article-1.1236082

 

NY TIMES - Lawsuit Winners Assured (by Governor Eliot Spitzer) Payments Will Continue: <a href="http://www.nytimes.com/2007/12/05/nyregion/05insure.html?_r=0

 

LIFE HEALTH PRO (.com) - Governor Cuomo, I'm Calling You Out: <a href="http://www.lifehealthpro.com/2012/11/20/governor-cuomo-im-calling-you-out

Letter to
Representative Steve Israel
New York State Senate
New York State House
and 7 others
Representative Charles Rangel
Senator Kirsten Gillibrand
Senator Charles Schumer
Representative Michael Grimm
Representative Pete King
Representative Sean Maloney
New York Governor
Please take a moment to read and sign my petition, and ask everyone you know to do the same. With one stroke of his pen and at no cost to tax payers, NY Governor Andrew Cuomo can protect thousands of severely injured people who were wronged by NY State. The situation has left many victims with a significantly diminished means of supporting themselves, and many located in states where they are not legally permitted to protect themselves in a court of law. 

My name is Eric Rabinowitz, and I am one of thousands of severely disabled victims of medical malpractice, car accidents, construction site negligence, etc., who brought lawsuits against those responsible for causing life-altering injuries and accepted a settlement in the form of a New York state-guaranteed structured settlement annuity. These types of annuities pay out a specified amount of money every month over an extended period of time, often for the duration of a lifetime. A traditional annuity offers the expectation of safety and security. This is especially true of NY State-guaranteed annuities because, at least in the past, they have always paid in full exactly what the insurance companies promised. The "guarantee" ensured that if something went wrong with the investments, the State of New York would step in to make sure the payments would not be interrupted or reduced. Since the annuities were intended to pay for future medical and living expenses, the NY State guarantee was often the primary reason plaintiffs chose to accept a structured settlement. However, unknown to more than a thousand of the plaintiffs who have depended on these monthly payments for years, some for decades, the state government in New York allowed one of its agencies to mismanage the funds, and the payments have now been slashed by as much as 66%. In real terms, someone who was formerly receiving $1000 a month is now getting $333. That is a tremendous financial hit, and it's the result of longterm institutional malfeasance committed by the agency tasked with protecting and managing these funds.

A lawsuit was brought in 2012 by the "shortfall" victims in an effort to save their guaranteed annuities from being cut without notice and to stop NY State from victimizing them again. The annuities ran into financial trouble due to fiscal mismanagement, rampant fraud, and outright theft while under the watchful eye of a state agency known as the New York Liquidation Bureau (NYLB). During the lawsuit to get to the bottom of why these annuities were being cut, the State Supreme Court judge presiding over the case, John Michael Galasso, denied the disabled victims due process by sealing the NYLB accounting records! He also upheld the confidentiality agreements the NYLB imposed on its employees. To add insult to injury, the judge charged the victims' attorneys with contempt of court and imposed heavy fines when they tried to move the case to a higher federal court.

Because of NY State's mismanagement of the annuities and the judge's decisions, many of the victims have been left with a greatly diminished capacity for independence and self-support. The state government in New York has quietly swept the situation under the rug, thus setting a terrible legal precedent for similar cases across the country. If nothing is done to reverse the decision in NY State that has essentially given the the green light to the insurance and investment banking industries to commit this type of fraud, more victims across the country will find themselves with no legal recourse to recoup the funds they deserve and were promised.

Remember, with Governor Cuomo's swift intercession, these funds the state of New York once guaranteed could easily be restored at no cost to the taxpayers by using fines and penalties the state collected from insurance companies and investment banks. Please help me by signing this petition to inspire Governor Cuomo to do the right thing by all New Yorkers and Americans! If this injustice can happen to me and my fellow annuitants, it can most certainly happen to anyone with an insurance or investment fund. It is not too late for Governor Cuomo to rectify the situation or for anyone with financial investments in this country to win back the protections every American deserves.

Thank You for your time and attention to this important matter,
Eric Rabinowitz

MEDIA COVERAGE

INSIDE SOURCES (.com) - Andrew Cuomo’s Secret Plan That Took from the Pockets of 1,500 Widows, Accident Victims, and Handicapped: http://www.insidesources.com/andrew-cuomos-secret-plan-that-took-from-the-pockets-of-1500-widows-accident-victims-and-handicapped/

WNBC 6, SOUTH FLORIDA - 1,500 People Are Taking On The State Of New York In A Legal Fight…: http://www.nbcmiami.com/investigations/Life-Insurance-Payment-Dispute-207657641.html

DAILY NEWS - Accident Victims Are Suing New York Liquidation Bureau As State Agency Slashes Their Payments: http://www.nydailynews.com/new-york/accident-victims-sue-new-york-liquidation-bureau-article-1.1236082

NY TIMES - Lawsuit Winners Assured (by Governor Eliot Spitzer) Payments Will Continue: http://www.nytimes.com/2007/12/05/nyregion/05insure.html?_r=0

LIFE HEALTH PRO (.com) - Governor Cuomo, I'm Calling You Out: http://www.lifehealthpro.com/2012/11/20/governor-cuomo-im-calling-you-out