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Case ID: 3847 | Credit / Debt | 10/26/2004
A class action has been filed against Sterling National Bank, a New York City based bank that leases and finances telecommunications equipment, for violations of New Jersey Consumer Fraud Act. Class members seek declaratory and injunctive relief terminating their obligations to make lease payments on telecommunications equipment to the Bank.
Specifically, the complaint alleges that NorVergence leased telecommunication equipment to small businesses for monthly rental changes. NorVergence allegedly defrauded customers by stating that their equipment, named MATRIX, was state of the art and would save their users considerable monies for their local, long distance, cellular and Internet services. In fact, the MATRIX equipment never existed; NorVergence used standardized equipment and customers ended up paying regular rates for those services. In August of 2004, NorVergence filed for Chapter 7 bankruptcy. The Company assigned the leases to Sterling National Bank who now maintains that the rental agreements on the equipment are enforceable and has demanded that class members make all remaining payments due despite the fact that the MATRIX equipment is rented and has no value. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Credit / Debt Cases of Interest There is evidence that the some mortgage and loan companies commonly use "junk" fees to pad their profits unlawfully. The class has been certified in a class action filed against lender Washington Mutual, Inc. on behalf of mortgage borrowers who allege that since 1995 the company has charged them unlawful junk fees at the end of their mortgages in violation of their contracts and state consumer protection laws. A national class action has been filed in New York against collection specialist, Maximus, Inc. The action is brought on behalf of all U.S. residents who received a collection letter from Maximus which demanded payment within 30 days. Consumers claim this demand has the effect of overshadowing the statutorily required statement entitling consumers to challenge the validity of the alleged debt. The action is brought under the federal Fair Debt Collection Practices Act and seeks statutory damages as well as injunctive and declaratory relief. A class action spanning Pennsylvania, Georgia and New Jersey was filed in Pennsylvania against the law firm of Lawrence A. Hecker, P.A.. The action was brought on behalf of all consumers residing in the three states who received "form" type collection letters from Heckler. The action was brought under the Fair Debt Collection Practices Act and sought statutory damages as well as injunctive and declaratory relief. All of those miscellaneous charges that companies add on to credit purchases are regulated by state and federal law. The parties have reached a tentative settlement in a class action against Schewel Furniture Company, Inc. on behalf of all Virginia residents to whom the company improperly applied finance charges, thereby violating Virginia's Consumer Protection Act and the federal Truth in Lending Act. Less than a month after TJX, the parent company of TJ Maxx, disclosed in a Securities and Exchange Commission filing that more than 45 million credit and debit card numbers may have been stolen from its IT systems over an 18-month period, the company is being hit with a class-action law suit seeking "tens of millions of dollars." A statewide class action has been filed in Indiana against collections specialist Account Receivable Collections, LLC. The action is brought on behalf of all Indiana consumers who received an initial collection letter from Account Receivable that demanded immediate payment of their debt. The action is brought under the Fair Debt Collection Practices Act and seeks statutory damages as well as injunctive and declaratory relief. |
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