Legal Question in Insurance Law in New York

I was unemployed fro the last 6 months. I ws strapped for cash to handle the home bills. I decided to cash out a 403b I had with a previous employer. I am 62 yeasr of age. I followed the correct procedure as outlined by the company that held the 403 and was issued a check about two weeks after starting the process. The check was for around 34,000.00. I used the money because I needed it and frankly that was the primary reason to cash out.

I have recieved a call from the carrier stating that they made a mistake and issued me monies from the wrong account and now they want the money back.

I do not want money that is not rightfully mine but I followed the procedures outlined and had no idea that someone wold write a check that large without verifing things were in order. The problem I have is I do not have the money now and now it looks as if I am going to have hardship over this entire mess.

Where do I stand leaglly


Asked on 2/13/13, 10:04 am

1 Answer from Attorneys
SHAHRIAR KASHANIAN LAW OFFICES OF SHAHRIAR KASHANIAN, ESQ.,

In the event of a mistake, you have to return the money that is/was not yours to keep or spend. The matter can be resolved either by substantially reducing the money you have to pay back and/or providing you with a great length of time to pay it back depending on your present assets and fincances. Do not dispair but do not think this will go away on its own without some type of written understanding and agreement.

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Answered on 2/13/13, 10:21 am


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