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Violation Tracker Individual Record

Company: Lyon Financial Services d/b/a U.S. Bancorp Business Equipment Finance Group
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
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.