'Circling like sharks': Companies are buying up L.A. Countys $4-billion sex abuse settlement

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Set us as preferred The man was sure only his lawyers and family knew about his lawsuit against Los Angeles County over sexual abuse he says he endured inside a juvenile hall as a teenager.The case, filed under a pseudonym, was one of thousands resolved by county officials last year in a historic $4-billion sex abuse settlement.He asked to remain anonymous to discuss the abuse, which he said was among his most closely held secrets.So he was bewildered this fall to receive a phone call from a company in Florida that seemed to know all about it.The unwanted cold caller offered a deal: In exchange for a lump sum of cash up front, the company would collect his future payouts, which are set to come in installments over the next five years.“I’m really curious, like, how you got my number?” said the man, according to a recording of the call reviewed by The Times.

“This is a very confidential matter.There is no way that you should know my name, let alone my phone number.” California Two firms representing roughly half of the victims in the nation’s largest sex abuse settlement have had their payments delayed amid pending audit and fraud probes, leaving many clients who expected life-changing sums stuck in limbo.He says he never got an answer.

Instead, the salesperson offered him a $200 referral fee if he could find others to sell their payouts, too.Offers like these, victims suing L.A.County say, have become inescapable.

Over Facebook messages and cold calls, private companies are offering lump sums to victims who are willing to sign over the rights to their anticipated settlement money, sometimes sacrificing a significant chunk of the payout in the process.“They’re circling like sharks in the water,” said James Turpin, another claimant in the settlement, who said a representative from a funding company messaged hi...