Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
FTC and Texas AG File Suit Against IFC Credit
In yet another round of lawsuits stemming from the NorVergence telecommunications fraud, the Federal Trade Commission and the Attorney General of Texas filed simultaneous complaints in the U.S. District Court for the Northern District of Illinois and Harris County, TX, against Illinois-based commercial finance company IFC Credit for violating federal law by helping to finance the scheme and continuing to seek payment from defrauded NorVergence customers.
According to the FTC's complaint filed June 6, IFC Credit Corporation purchased NorVergence rental agreements valued at $21 million, with individual contracts ranging from $4439 to $160,672. The complaint alleges that despite making payments, no customers received telecommunications services from NorVergence for more than a short period of time, and many consumers received none. It further alleges that IFC continued to finance the fraudulent scheme by accepting new rental contracts, despite NorVergence's failure to provide the promised services and the resulting high rate of default among IFC customers. In addition, long after NorVergence entered bankruptcy in 2004, IFC continued to tell consumers they were obligated under the rental agreements because the payments are for the device, not for services.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Supreme Court Rules Rejection of Trademark License Does Not Rescind Rights of Licensee
Mission Product Holdings, Inc. v. Tempnology, LLC The question is whether a debtor's rejection of its agreement granting a license "terminates rights of the licensee that would survive the licensor's breach under applicable nonbankruptcy law."