<< Back to News Page

Preferred Capital '05 Federal Court Dismissals in OH
Master lease agreements were executed by Norvergence and Preferred before the small businesses signed the ERA w/Norvergence. Thus, NV and Preferred were aware that any dispute would be litigated in OH, but neither party ever told the small business who was only aware of the vague forum selection clause. The courts determined that this amounted to fraud as to the forum selection clause itself and dismissed the cases.

Read the documents:
1. Preferred vs Sarasota
2. Preferred vs Aegis Insurance

Posted: 02-17-2006



News From TX Attorney, Scott Mackenzie : Studebaker LC lost at the appeals court! Mackenzie reports, "They tried to appeal their denial of their motion to dismiss. We beat them at the appeals court also!"

Read Document

Posted: 11-28-2005



Documents Prove Courts Declaring Norvergence Leases Fraudulent and VOID!

1. Studebaker Order.pdf
2. Ayers Order - Eastern District.pdf
3. CCL-MSJ.pdf
4. Chris Sharky - Order Denying MTD.pdf
5. Norvergence_Judgment.pdf
6. Order Denying Pop Mandamus.pdf
7. Paul Cross - IFC.pdf
8. Sterling Bank.pdf

Posted: 11-17-2005



FTC ANNOUNCEMENT:
FTC Enforcement is now actively going after IFC !

Read More...IFC CID Enforcement Filing.pdf

Posted: 11-16-2005



IL courts dismiss IFC suits v. NorVergence customers on jurisdiction and res judicata grounds

The Hon. James Ryan of the Circuit Court of Cook County, IL, 3rd Municipal District, has just issued his third decision and order dismissing suits by IFC Credit Corp. against consumers who had NorVergence Rental Agreements ("NRA") assigned to IFC. Judge Ryan held that the forum selection clause in the NRAs was "unenforceable because it offends the public policy of fundamental fairness" and, therefore, the Illinois courts have no personal jurisdiction over the out-of-state defendants. A copy of the Streng opinion and order is attached. Judge Ryan gave particular note to the significance of the Master Program Agreement between NorVergence and IFC that pre-dated any signing of the NRAs by consumers. This decision follows, and expands the reasoning of, prior decisions of the same court involving 14 separate cases brought by IFC.

In addition, Judge Mary K. Rochford of the 2nd Municipal District dismissed an IFC suit against Magnetic Technologies on the merits, based on res judicata grounds. As yet there is only a handwritten order.

The FTC takes no position on these decisions. The undersigned staff attorney, speaking only for himself, does note that the FTC has long held that filing distant forum lawsuits against individual and small business consumers are unfair practices that violate the FTC Act, regardless of whether any particular state may uphold its courts' jurisdiction against distant consumers based on a forum selection or waiver clause in the contract.

Magnetic Tech Dismissal Order
IFC Memorandum Opinion and Order

Posted: 11-04-2005



The Hon. Blanche Manning, US District Judge in the Northern District of Illinois, has dismissed an IFC lawsuit against Warner Robbins Supply on jurisdictional grounds. Judge Manning considered conflicting lower court decisions and held, on motion to reconsider, that the NorVergence forum selection was not enforceable and there was no other basis to exercise jurisdiction in IL.
The case was handled by IL attorney Michael Fleck.
Minute Order Dismissing Case
Memorandum Opinion and Order

Posted: 11-04-2005



 

NorVergence - Motion for Class Certification September 14th, 2005

Today, September 14, 2005, Plaintiffs’ Motion for Reconsideration of their Motion for Class Certification as to a New Jersey class was heard in New Jersey Superior Court in Monmouth County, New Jersey.

The Honorable Robert A. Coogan, J.S.C. granted Plaintiffs’ Motion for Reconsideration and certified a New Jersey class.

Other class actions are still pending in Texas, California, Illinois and New York.

Read Press Release



New FTC Summary Judgement
IFC Credit in bankruptcy court

Linked PDF is the memo in support of a summary judgment motion filed today in an adversary representing a small group of plaintiffs (lead is Diversified Aerospace) with support by amicus from the NJ AG.
This memorandum argues:
(1) the close relationship between IFC and NV show this was not a typical lending situation;
(2) violation of federal law based on the FTC default judgment, and supporting cases
(3) violation of NJ Consumer Fraud Act as well as NJ law regarding forum selection. The NV trustee is also a defendant



Protest in Front of NJ Court House,
Thursday, June 16th 2005
Monmouth County, New Jersey
Superior Court



Miami ELA Protest, May 16th 2005
Held in front of the Equipment Leasing Association National Meeting



The First Ever Protest Against the Leasing Industry is in Miami... Read details



Brad Nimmo, Norvergence victim and President and CEO of Habitat for Humanity of Marion County, Florida, is hopping mad at the burden Preferred Capital Leasing has placed upon the good works of his not-for-profit. Brad was disappointed not be able to protest in Miami, May 16th, so he sent a statement that can be read.



Restitution and Prosecution Now
Petition and Boycott Letter against leasing companies has been sent to SEC Enforcement. LRA seeks criminal investigations and charges against leasing companies those who participated in the Norvergence Scam.
Most Recent Count: 612
You can do it Now: click here



Am I Banned Again?
Rhonda Roland Shearer is still waiting to see if editors at The Daily Monitor will print the article that they had invited her to write.
See report: "NORVERGENCE AND ITS LENDING PARTNER, THE LEASING INDUSTRY: The suspect practice of lease flipping goes belly-up."

<< Back to News Page