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Injunction Sought Against Leasing Companies: The putative plaintiffs in the class action lawsuit brought against various telecommunications leasing companies who were assignees of leases and equipment rental agreements entered into between individuals and businesses and the telecommunications company Norvergence, Inc. have moved for a preliminary injunction against the lease assignees. The injunction seeks to enjoin the assignees from enforcing any equipment rental agreements assigned to them by Norvergence, or from commencing suit against Norvergence customers for payments under the leases. They are attempting to certify a nationwide class of those persons and entities who leased telecommunication and/or network computer equipment from Norvergence, which then assigned its leases to various leasing companies. The lawsuit alleges that the leases violated various state and federal statutes including the Consumer Fraud Act, the FTC Holder Rule, the Truth-in-Consumer Contracts, Warranty & Notice Act, and that the leases constitute breaches of contract, and breaches of implied and express warranty. The suit seeks cancellation of the leases, disgorgement of lease payments and a declaratory judgment concerning the unenforceability of the leases. It names approximately 26 lease financing companies as defendants.
Interim Rules Freeze Rates for Phone-Network Leasing: U.S. communications regulators have issued interim rules that would freeze for 6 months the wholesale rates for leasing access to the major U.S. local telephone networks. The Federal Communications Commission had required the four major local telephone carriers to lease network access to rivals at government-set rates in order to promote competition for local service, but an appeals court in March threw out the rules. The FCC has been trying to draft new regulations and in the interim ordered the Bells to keep the rates at the current prices while final rules were hashed out. The Bells had argued that the prices set were below cost. The agency voted 3-2 for the new rules in July, but the details were not released until August 20.
ORIX Financial Services, Inc. of Atlanta has named Steve Fallon as vice president and sales representative of the Construction & Transportation Segment of ORIX's Equipment Finance Group. He was previously with General Electric and has more than 10 years of experience in construction and transportation commercial finance.
Injunction Sought Against Leasing Companies: The putative plaintiffs in the class action lawsuit brought against various telecommunications leasing companies who were assignees of leases and equipment rental agreements entered into between individuals and businesses and the telecommunications company Norvergence, Inc. have moved for a preliminary injunction against the lease assignees. The injunction seeks to enjoin the assignees from enforcing any equipment rental agreements assigned to them by Norvergence, or from commencing suit against Norvergence customers for payments under the leases. They are attempting to certify a nationwide class of those persons and entities who leased telecommunication and/or network computer equipment from Norvergence, which then assigned its leases to various leasing companies. The lawsuit alleges that the leases violated various state and federal statutes including the Consumer Fraud Act, the FTC Holder Rule, the Truth-in-Consumer Contracts, Warranty & Notice Act, and that the leases constitute breaches of contract, and breaches of implied and express warranty. The suit seeks cancellation of the leases, disgorgement of lease payments and a declaratory judgment concerning the unenforceability of the leases. It names approximately 26 lease financing companies as defendants.
Interim Rules Freeze Rates for Phone-Network Leasing: U.S. communications regulators have issued interim rules that would freeze for 6 months the wholesale rates for leasing access to the major U.S. local telephone networks. The Federal Communications Commission had required the four major local telephone carriers to lease network access to rivals at government-set rates in order to promote competition for local service, but an appeals court in March threw out the rules. The FCC has been trying to draft new regulations and in the interim ordered the Bells to keep the rates at the current prices while final rules were hashed out. The Bells had argued that the prices set were below cost. The agency voted 3-2 for the new rules in July, but the details were not released until August 20.
ORIX Financial Services, Inc. of Atlanta has named Steve Fallon as vice president and sales representative of the Construction & Transportation Segment of ORIX's Equipment Finance Group. He was previously with
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