Legal / Fraud

JPMorgan Chase Paying $264MM to Settle FCPA Charges

JPMorgan Chase agreed to pay more than $130 million to settle charges that it won business from clients and corruptly influenced government officials in violation of the Foreign Corrupt Practices Act. read more

Erickson Files Chapter 11, Expects to File Reorganization Plan

Erickson and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division. read more

Priority Capital Leasing Sued for Breach of Contract

An independent broker in Pennsylvania filed a complaint in the U.S. District Court for Eastern Pennsylvania against Priority Capital Leasing for breach of contract. read more

Terex Financial Sues Recycling Company for Non-Payment

According to court records, Terex Financial Services is seeking more than $1.2 million in damages from a California-based recycling company for nonpayment under a master lease agreement. read more

Wells Fargo Pays $185MM in Fines for Allegedly Opening Unauthorized Accounts

The Consumer Financial Protection Bureau fined Wells Fargo $100 million for the illegal practice of secretly opening unauthorized accounts. The CFPB said the bank would also pay additional penalties of $35 million and $50 million to the OCC and the City of Los Angeles, respectively.    read more

Cat Dealer Sues Employee for Alleged Misconduct

According to the Cook County Record, an Elmerst, IL-based Caterpillar dealer sued a former employee for offering promotional deals to customers to increase his year-end bonus. read more

Peoples United Equipment Finance Sues to Collect Unpaid Debt

According to a filing, People’s United Equipment Finance filed a lawsuit against AJ’s Truck Service alleging breach of contract and unpaid debt. read more

Wintrust Commercial Finance Adds Hsu to Legal Department

Erik Weiting Hsu joined the legal department of Wintrust Commercial Finance. Hsu was formerly of counsel at Winstead PC. read more

U.S. Bank Equipment Finance Files Motion to Stop Hospital Sale

U.S. Bank Equipment Finance filed an objection to a proposal by a hospital group to acquire a bankrupt community hospital which is in default of a medical equipment financing. read more

Bloomberg: JPMorgan FX Salesman Wins Claim After Firing

Bloomberg reported a JPMorgan Chase currency salesman won his claim against his former employer after being fired following a foreign-exchange manipulation scandal. read more

Susquehanna Sues Texas-Based Lessee for Nonpayment

According to court documents, Susquehanna Commercial Finance filed a lawsuit to recover the balance owing under a Summit Funding lease assignment covering three Peterbilt tractors. read more

SignalShare Declares Bankruptcy as NFS Leasing Suit Continues

According to Venues Today, SignalShare filed for bankruptcy in the midst of a legal conflict with NFS Leasing. read more

LEAN’s Frank Peretore Joins Chiesa Shahinian & Giantomasi

The Lease Enforcement Attorney Network announced Frank Peretore has joined Chiesa Shahinian & Giantomasi as a member continuing his concentration in the representation of secured creditors and lessors in the equipment leasing and asset-based lending industries. read more

Volvo Reaches Settlement with the European Commission

The Volvo Group reached a settlement with the European Commission and will pay a fine of €670 million ($737.84 million) ending a long-running EU antitrust investigation. read more

Ex-Regions Equipment Finance Execs Indicted in Bribery, Fraud Scheme

A federal grand jury indicted two former Regions Equipment Finance executives for conspiracy in a $5 million bribery and wire fraud scheme. read more

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Terry Mulreany
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