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NorvergenceNews.com Email Newsletter
May 3, 2006                                                 Click here to subscribe free now

Reporting on Norvergence & the Leasing Companies since November 2003

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Leasing Company Headlines

Other Norvergence Headlines

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Leasing Company Headlines

BB&T, Crown Bank, CIT, De Lage Landen & US Bancorp Proposed National Class Action Settlement Terms Announced  It has come to the attention of Norvergence News that attorneys Green & Graifman who began the Exquisite Caterers v. Popular Leasing national class action lawsuit have arranged a national class settlement for ex-Norvergence customers who have leases with BB&T, Crown Bank, CIT, De Lage Landen & US Bancorp. The settlement calls for ex-Norvergence customers to have 85% of their Norvergence lease waived & 66% of insurance fees waived. Unlike the attorney general settlements however the customers with these five leasing companies must proactively "opt out" by 5/15/6 or they will be automatically included in and bound by the terms of the class action settlement. 5/2/6 

Petition for Temporary Injunction to Stay National Class Action Settlement  Illinois attorney Eric Vander Arend has filed a petition to stay the above referenced proposed BB&T, Crown Bank, CIT, De Lage Landen & US Bancorp national class action settlement. 5/2/6 

  • Related Interview  Click here to listen to attorney Eric Vander Arend discuss the petition for temporary injunction.  Attorney Vander Arend can be contacted at 312-604-2654 or evanderarend@ghsltd.com.

  • Attorney Vander Arend's co-counsel in Windy City Metal Fabricators & Supply, Inc. v. CIT Technology Financing Services, Inc., et al., are James Ayres and David Novoselsky of the Novoselsky Law Offices.  Mr. Ayres' contact number for any questions your readers may have is 312/346-8930.

  • Related Links  Petition for Temporary Injunction (1) describes the differences between the class settlement proposed in Exquisite Caterers in New Jersey, and the offer extended earlier under the auspices of the agreements of CIT and other leasing companies with various state Attorneys General (to the extent explained in the Notices sent to members of the proposed class in the Exquisite Caters case because we have tried unsuccessfully to obtain court documents); (2) summarizes the claims made on behalf of a national class in Windy City and the procedural history of that case which we believe necessitate the petition; (3) states the circumstances under which the proposed national settlement class in Exquisite Caters came about (again to the extent we have been able to discern); and (4) explains the significant effect inaction will have for your readers if they do nothing after receipt of Notice of the Exquisite Caterers settlement. Referenced exhibits: Exhibit A; Exhibit B; Exhibit C; Exhibit D; Exhibit E; Exhibit F & Exhibit G

  • Attorney Vander Arend submitted point of clarification: "Based on the Notice issued in the national class settlement proposed in Exquisite Caterers in New Jersey for Norvergence contracts assigned to CIT Technology Financing Services, Inc., the settlement includes, as I discussed, provisions allowing CIT to enforce the contract in full and a waiver of all defenses to the contract if a class member does not opt out of the settlement and fails to make a payment in response to CIT's initial invoices for payment under the class settlement agreement.

    Based on the Notice issued in the national class settlement proposed in the Exquisite Caterers case for Norvergence contracts assigned to Crown Bank, the settlement provides that Crown may enforce the contract in full if a class member does not opt out of the settlement and fails to make a response to Crown's initial invoices for payment under the class settlement, but it does not include the waiver of defenses provision.

    In both cases, participation in the class settlement is still automatic as I indicated, unless class members opt out of the settlement according to the instructions in the Notices.

    It is thus important, as I indicated this morning, that persons who receive Notices of the settlements in the Exquisite Caterers case in New Jersey pay serious attention to the Notices in order to make a conscious choice."

Popular Settles in Arizona with Attorney General  Nine Arizona ex-Norvergence business customers receive 85% settlement offer from Popular Leasing negotiated by the AZ attorney general. If all accept the settlement the total amount waived would be just over $200,000.  4/24/6 archive copy  

IFC Loses in Texas, Pays $100,000 in Court Costs  Texas Judge Sally Montgomery heard trial testimony on 2/2/6 in the matter of Specialty Optical d/b/a SOS v. IFC Credit Corp. and found that, "SOS properly cancelled the Lease with Norvergence.  IFC takes nothing on it's counterclaim.  SOS shall recover court costs and reasonable attorney fees in the amount of $45,000.00 for trial, $30K for appeal, and $15 K for a petition for review to the Supreme Court of Texas, and $15K for responding to any unsccessful appeal by IFC to the Supreme Court of Texas in the event the petition for discretionary review is granted per the parties stipulation." 4/17/6 archive copy  

Popular, Preferred Capital & CCL/Commerce Commercial Leasing Settle with MA Attorney  MA attorney Jenifer Pinkham has negotiated settlements between her Massachusetts ex-Norvergence customer clients and Popular, Preferred Capital & CCL/Commerce Commercial Leasing for $500, $0 & $0 respectively. Attorney Pinkham can be contacted at 781-848-5028 or www.sabusinesslaw.com. 

Other Norvergence News Headlines

Norvergence Scandal Getting "Warmer"  Kit Menkin of LeasingNews.org provides his updates of all Norvergence/leasing company news and suggests that Texas Judge Sally Montgomery may not be through with IFC.  LeasingNews.org 5/5/6 archive copy

Further fund misuse at NorVergence disclosed  A woman married to the mastermind behind NorVergence, a bankrupt Newark telecommunications firm, used the company's corporate credit card to pay for manicures, massages, clothing, vacations and groceries, according to court papers filed Monday. Bergen.com 3/7/6 archive copy

Man accused of stealing $500,000 for high living  The son of the mastermind behind NorVergence, a bankrupt Newark telecommunications firm, allegedly stole close to $500,000 from the company, using the money to pay for drinks, trips to area clubs and for a five-bedroom Glen Ridge house, according to court papers filed Wednesday in U.S. Bankruptcy Court in Newark. Bergen.com 3/2/6 archive copy

Norvergence Newsletter Archive

 

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Archive of Recent NorvergenceNews Interviews
click right-arrow to hear interview

3/16/6
Sigmund Fleck
Sterling Class Settlement Offer  

Sample Generic Exclusion Letter

2/1/6
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IFC Document

12/5/5
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Patriot Document
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6/6/5
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