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The Latest News on NorVergence
There have been three recent developments in two state courts in the closely watched NorVergence matter. First, a Florida circuit court judge dismissed the State Attorney General's suit against a number of leasing companies, holding that the leasing companies had not violated Florida's laws. Among other things, the court stated that the hell and high water and the waiver of defense and warranties clauses are permitted under Florida law and that the NorVergence forum selection clause is valid and enforceable under Florida law.
In the second case, the Ohio Court of Appeals dismissed the appeal of one of the assignees of lessors' rights, Preferred Capital, finding that it had no jurisdiction to review the decisions of the Ohio Court of Common Pleas. The state appellate court held that the trial court orders dismissing the cases were not “final” appealable orders because the cases can be refiled in other states.
In another related matter, the Massachusetts Attorney General announced a settlement with three finance companies linked to NorVergence that will benefit 1000 small business owners from across the country, including 73 in Massachusetts. The settlement resolves allegations that CIT Group/Equipment Financing, Inc., Lyon Financial Services, and Wells Fargo Financial Leasing, Inc. knew or should have known that their financing agreements with more than 1000 small businesses were fraudulently obtained. Under the terms of the settlement, CIT, US Bancorp, and Wells Fargo will refund or clear $24 million in rental payments they claimed to be owed by more than 1000 NorVergence customers nationwide. In Massachusetts, CIT, US Bancorp, and Wells Fargo will refund or not collect more than $1.6 million in rental payments they claimed to be owed by 73 Massachusetts consumers. In addition, CIT, US Bancorp, and Wells Fargo have agreed not to enforce the waiver of jurisdiction clause ' which means that even if a Massachusetts customer opts not to accept the terms of the AG's settlement, that customer can no longer be sued outside of Massachusetts. The settlement mandates that CIT and USB will only collect 15% of the customer's remaining balance after July 15, 2004. Wells Fargo will collect 14% of the customer's remaining balance after July 31, 2004. Also, consumers that previously settled with CIT, US Bancorp, or Wells Fargo regarding NorVergence service for terms that are less favorable than this settlement can receive the more favorable settlement terms if they choose. The Massachusetts AG led this multistate action with Attorneys General from Arizona, Colorado, Connecticut, Delaware, Illinois, Kansas, Louisiana, Maryland, Michigan, Missouri, New Hampshire, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, South Dakota, Washington, West Virginia, the District of Columbia and the Georgia Governor's Office of Consumer Affairs.
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