Legal Briefs

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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‘Debt Relief’ Company is Allegedly Robo-dialing Out Of Control

July 18, 2017
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phone

A lawsuit brought by famous serial TCPA plaintiff Craig Cunningham against defendants who allegedly robo-dial with offers for small business debt relief services, has a new twist, according to recent court records. That is that the defendants allegedly continue to robo-dial Cunningham despite having been served with the suit from him. All told, Cunningham says […]

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Recent Court Decisions Impacting Merchant Cash Advances – Still Not a Loan

June 22, 2017
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Courtroom

This article is from deBanked’s May/June 2017 magazine issue. To receive copies in print, SUBSCRIBE FREE In the United States District Court, Southern District of New York, a judge expounded on his decision as to why the Purchase and Sale of Future Receivables contract between TVT Capital and Epazz, Inc. was not a loan. In […]

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Another NY Supreme Court Judge Casts Doubt On The MFS – Volunteer Pharmacy Case

June 10, 2017
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Courtroom

Just as an Orange County, NY judge found in Merchant Funding Services, LLC v. Micromanos Corporation d/b/a Micromanos and Astsumassa Tochisako that a uniquely structured merchant cash advance was not a criminally usurious loan, so too did the Honorable Maria S. Vazquez-Doles on June 8th, court records reveal. Vazquez-Doles, who also presides in Orange County, […]

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District Court Offers Guidance on Merchant Cash Advances in Precedent-Setting Decision

June 6, 2017

Courtroom

On May 9, in Colonial Funding Network, Inc. v. Epazz, Inc., the U.S. District Court for the Southern District of New York dismissed counterclaims alleging the overcharging of interest and the affirmative of usury. The decision is the first federal case to recognize that a contractual relationship establishing a bona fide merchant cash advance (MCA) […]

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Federal Court Agrees, Merchant Cash Advances Not Loans or Usurious

May 13, 2017
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federal court ruling

By now, numerous judges in the New York Supreme Court have concurred that purchases of future receivables are not loans nor usurious, yet challenges to these contracts continue. In the latest landmark ruling, defendants/counterclaim plaintiffs Epazz, Inc., Cynergy Corporation, and Shaun Passley a/k/a Shaun A. Passley, moved to have the original action involving their merchant […]

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‘Debt Collection Terrorist’ Sues Protection Legal Group and Corporate Bailout

May 13, 2017
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phone bomb

Debt Collection Terrorist Meets Debt Relief A new crop of supposed debt relief companies are beginning to take fire from all sides. In this latest case, Mark D. Giubaldi & Associates, LLC DBA Protection Legal Group and Corporate Bailout LLC, have once again found themselves on the receiving end of a complaint. On Wednesday, May […]

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Exercise of Ordinary Intelligence Would’ve Revealed Merchant Cash Advance Contract Was Not a Loan, Court Says

May 9, 2017
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Signing a contract

In the New York Supreme Court, the Honorable Linda S. Jamieson was tasked with ruling on twelve causes of action in a merchant cash advance contract case. While the 18-page decision covers a lot of ground, one notable section was the plaintiffs’ request for rescission based on “misrepresentations or unilateral mistake” and “damages for fraudulent […]

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MCA Company Wins Case After Judge Actually Reads the Contract

May 5, 2017
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Courtroom

An explosive New York Supreme Court decision in December against a merchant cash advance company just lost some of its bite, thanks to a decision handed down by the Honorable Catherine M. Bartlett in Orange County. By all accounts, plaintiff Merchant Funding Services, LLC (“MFS”) had reason to be worried when Long Island attorney Amos […]

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Nulook Capital Bankruptcy Envelops PSC

April 27, 2017
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bankruptcy court

Nulook Capital was not the only casualty of its April 4th Chapter 11 bankruptcy filing. On Wednesday, April 26th, a federal judge in a separate action issued an order aimed at one of Nulook’s alleged creditors, PSC. PSC is also a Long Island-based company engaged in the merchant cash advance business. In the order, the […]

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