Violation Tracker Individual Record
Company:
BB&T Leasing Corporation
Current Parent Company:
Truist Financial
Penalty:
$6,000,000
Year:
2006
Date:
February 15, 2006
Offense Group:
consumer-protection-related offenses
Primary Offense:
consumer protection violation
Violation Description:
BB&T agreed to write off $6 million in lease payments to settle multistate litigation concerning a widespread telecommunications fraud involving NorVergence, Inc., a bankrupt New Jersey-based telephone equipment and service company.
Level of Government:
state
Action Type:
agency action
Agency:
Multistate Attorneys General Case
Civil or Criminal Case:
civil
HQ Country of Parent:
USA
HQ State of Parent:
North Carolina
Ownership Structure of Parent:
publicly traded
Major Industry of Parent:
financial services
Specific Industry of Parent:
banking
Source of Data:
Michigan Attorney General Cox Announces Settlement with Eighth Finance Company over NorVergence Telecommunications Fraud Claims, PR Newswire, February 15, 2006 (via Nexis).
Source Notes:
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note:
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.
