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Violation Tracker Individual Record

Company: CIT Group/Equipment Financing, Inc.
Current Parent Company: First Citizens BancShares
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Recap of Ownership Changes:  subscribe to see this data field
Penalty: $10,000,000
Year: 2005
Date: May 26, 2005
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: CIT Group/Equipment Financing, Lyon Financial Services and Wells Fargo Financial Leasing resolved multistate litigation by agreeing to forgo or refund a total of about $30 million in rental payments linked to telecommunications fraud involving NorVergence, Inc., a bankrupt New Jersey-based telephone equipment and service company. The announcement did not specify the size of the commitments being made by each of the companies. Here we assume the total was divided equally among them.
Level of Government: state
Action Type: agency action
Agency: Multistate Attorneys General Case
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.