Peachtree Settlement Funding says it recently sold “a sizable portfolio” of life-contingent structured settlements to a large European bank.

“We are gratified that we were able to close this transaction and believe this is the first closed-end fund of its kind,” says Sergio Salani, senior vice president of Peachtree Settlements, part of Peachtree Financial Holdings Inc., Boynton Beach, Fla.

Defendants and insurers often use life-contingent structured settlements to resolve liability suits. A claimant who agrees to accept a life-contingent structured settlement gets a guaranteed, periodic stream of payments for life.

Claimants who later decide they would like a lump sum of cash may be able to sell the rights to the stream to Peachtree or another firm that buys structured settlement income rights.