Legal Briefs

MCA Funder Asks Court to Set Aside Default Judgment in Usury Case

November 10, 2017
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law books

If it wasn’t for the Usury Law Blog, an MCA company may never have known about the default judgment entered against it in Florida for usury, according to documents filed in the case. On Wednesday, the funding company filed a motion to set aside the default judgment and reopen the case on the basis that […]

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ISO Alleged to Have Forged a Confession of Judgment

November 6, 2017
Article by:

Courtroom

Underwriters, keep your eyes on the notary stamps. A lawsuit filed in the New York Supreme Court last week by a merchant cash advance company against an ISO and several co-defendants, alleges that an ISO was partially responsible for damages when a merchant defaulted. And they make a compelling argument. In this case where a […]

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Stacking Lawsuit Could Go to Trial

October 18, 2017
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Courtroom

A lawsuit between RapidAdvance and Pearl Capital that has been making its way through the Maryland state court system for two years may be heading to trial. In this case, plaintiff Small Business Financial Solutions, LLC (SBFS AKA RapidAdvance) alleged that Pearl Beta Funding, LLC (AKA Pearl Capital) interfered with a loan agreement it had […]

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Payday Lending King Scott Tucker Convicted

October 14, 2017
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Scott Tucker - Payday Lending Kingpin

One year after a federal judge awarded a record-setting $1.3 billion judgment to the FTC against Scott Tucker for damages caused by his payday lending empire, a jury in the Southern District of New York found him guilty on criminal charges that include participating in a racketeering enterprise through the collection of unlawful debt, wire […]

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Updates On Several Industry Court Cases

October 4, 2017
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New York Supreme Court

Curious to know the status of industry court cases we’ve reported on? Here’s an update on several: Case When filed Where pending Status Yellowstone Capital LLC and EBF Partners, LLC v. Corporate Bailout, LLC, Mark D. Guidubaldi & Associates, LLC dba Protection Legal Group, PLG Servicing, LLC, American Funding Group, Coast to Coast Funding, LLC, […]

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ISOs Alleged to Be Partners in Debt Settlement “Scam” in Explosive Lawsuit

September 28, 2017
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cartoon

ISOs and brokers referring deals to debt settlement companies should pay attention to a lawsuit that was filed in the New York Supreme Court on Wednesday. In it, plaintiffs Yellowstone Capital and EBF Partners (“Everest Business Funding”) allege that certain ISOs are culpable partners in a scam that nefarious debt settlement companies are perpetrating on […]

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Alternative Finance Bar Association Event is Wednesday

September 10, 2017
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merchant cash advance regulations?

If you’re interested in going, the Alternative Finance Bar Association event on Wednesday is open to both funding company executives and industry attorneys. The New Regulatory Challenges Facing Small Business Lending: Navigating the New Frontier will feature Joann Needleman, Esq., Jane Luxton, Esq. & Tommy Brooks, Esq. from Clark Hill PLC in the NYC Bar […]

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Amos Weinberg and Creditors Relief Are Battling it Out

September 8, 2017
Article by:

Courtroom

A lawsuit filed by a small business against Creditors Relief in April has gone off the rails, according to court documents. Creditors Relief has sought to dismiss the case that attorney Amos Weinberg brought on behalf of a Deli in New York that alleged among other things, that Creditors Relief practiced law without a license […]

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CFPB Sanctioned By Federal Judge After Engaging in Funny Business During Discovery

August 26, 2017
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federal court ruling

When the CFPB was asked to support their claims in a brutal lawsuit they had brought against several payment processors, they balked and stonewalled. Eventually, the judge had enough. On Friday, US District Judge Richard W. Story granted sanctions against the Consumer Financial Protection Bureau (CFPB) for misconduct in discovery and dismissed their case against […]

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SoFi Hit With Class Action Lawsuit Over Wage Issues

August 19, 2017
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Five SoFi employees have joined together to file a class action lawsuit against SoFi in the Superior Court of California. According to the docket, Sean Pullen, Christina Cane, Michael Carrera, Matthew Taylor and Yulia Zamaora are claiming employment improprieties with regards to how wages were paid. The suit is separate from a similar suit that […]

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