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Tag Archives: Debt
$128 Million Suit Against UnitedLex Over LeClairRyan Demise Shows Outsourcing No Cure for Dying Firm
As a growing number of law firms look to contract with third-party vendors to outsource business operations, a $128 million lawsuit filed by LeClairRyan’s bankruptcy trustee against UnitedLex makes it clear that the risks to both sides can be high. … Continue reading
Iconic Restaurant Chain Friendly’s Files for Bankruptcy
Friendly’s Restaurants LLC, an iconic chain on the East Coast of the U.S. known for its sundaes, became the latest dining institution to go bankrupt amid the pandemic. The company filed for chapter 11 bankruptcy protection in Delaware. It listed … Continue reading
CFPB Settles with Ninth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
The CFPB issued a consent order against Low VA Rates LLC to address the Bureau’s finding that Low VA Rates sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs that contained false, misleading, and inaccurate … Continue reading
Ex-‘Arsenio Hall Show’ Musical Director Sentenced to over 2 Years in Prison for Embezzling Nearly $1 Million Intended for Charity Concert
The former musical director of “The Arsenio Hall Show” was sentenced to 27 months in federal prison for embezzling nearly $1 million from a charity concert intended to raise money for children made homeless by wars. A restitution hearing in … Continue reading
Pizza Hut Drivers Claim $320 Million Mileage Underpayment
Pizza Hut delivery drivers say that the bankrupt company’s largest franchisee shortchanged them on payments for using their own vehicles, adding to the list of cases from former employees. NPC International Inc. reimbursed the drivers for miles at such a … Continue reading
New Jersey Sues Student Loan Servicer Navient, Alleging ‘Deceptive, Misleading’ Tactics
The state of New Jersey sued Navient on Tuesday, alleging that the student loan servicing company forced borrowers to pay and owe more money than necessary through misleading and deceptive practices. In a lawsuit Navient is accused of steering borrowers … Continue reading
Co-Working Company Regus Puts More Locations into Bankruptcy
Co-working company Regus Corp., which provides furnished workspace on short-term deals, has placed more of its assets into chapter 11 bankruptcy as office markets deal with the effects of the coronavirus pandemic on the economy. Regus has put more than … Continue reading
8 Million Americans Have Fallen into Poverty Since May
Two new studies have found that after an ambitious expansion of the safety net in the spring saved millions of people from poverty, the aid is now largely exhausted and poverty has returned to levels higher than before the coronavirus … Continue reading
YogaWorks Files for Chapter 11, Plans to Close All Studios
YogaWorks Inc. has filed for bankruptcy and plans to permanently close its dozens of studios across the U.S. but keep offering virtual classes. The California-based yoga studio chain is the latest fitness business to succumb to shutdowns and restrictions on … Continue reading
John McAfee arrested, indicted on tax evasion charges, sued for fraud
Cybersecurity eccentric, John McAfee, is under arrest in Spain awaiting extradition to the United States after being indicted on federal tax evasion charges. The filing alleges that McAfee deliberately not only avoided paying federal taxes from tax years 2014 through … Continue reading