Violation Tracker Individual Record

Company: 
Wells Fargo Financial Leasing, Inc.
Current Parent Company: 
Wells Fargo
Penalty: 
$10,000,000
Year: 
2005
Date: 
May 26, 2005
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
Private Lawsuit Resolution Type: 
settlement
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
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.