News & Analysis as of

Settlement Interest Rates

Proskauer Rose LLP

Wealth Management Update - September 2024 - 2

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September 2024 AFRs and 7520 Rate - The September 2024 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 4.8%, a decrease from the August 2024 rate of 5.2%. The September...more

Goodwin

Massachusetts Attorney General Settles Claims Against California-Based Financing Company for $625,000

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​On May 22, 2024,​ the Massachusetts Attorney General (MA AG) announced it entered into an Assurance of Discontinuance (AOD) with a California-based financing company resolving allegations of violations of the Massachusetts...more

Proskauer Rose LLP

UK Tax Round Up - February 2024

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Settlement payment subject to tax as employment income - In Mathur v HMRC, the Upper Tribunal (UT) has upheld the FTT’s decision that a £6 million settlement payment to a former employee following an employment tribunal...more

Cozen O'Connor

Minnesota to Island Mountain: Scale Down Interest-Rates and Collections

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Minnesota AG Keith Ellison reached a settlement with three online lenders operating jointly under Island Mountain Development Group to resolve allegations that the companies violated Minnesota and federal consumer-lending...more

Seward & Kissel LLP

Deep Cuts, Bankruptcy Aid, Aearo-Plan, and Unfair Deal?

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Mallinckrodt's opioid creditors support fast-track second bankruptcy | Reuters - Drugmaker Mallinckrodt, who previously emerged from its initial Chapter 11 in June 2022, filed for its second bankruptcy this week. The...more

Flaster Greenberg PC

Tax Pitfalls To Avoid In Employment Litigation Settlements

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By all measures, 2021 was a banner year for hiring, but 2022 and 2023 have been the opposite. According to one media source, more than 121,000 jobs in the technology sector alone — think Google LLC, Amazon.com Inc.,...more

Goodwin

State AGs Announce $4.2 Million Settlement with National Bank for Alleged CARD Act Violations

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On February 8, state ​Attorneys General for North Carolina, Iowa, Massachusetts, New Jersey, and Pennsylvania (State AGs) announced a $4.2 million settlement ​with a national bank to resolve allegations that it overcharged...more

Alston & Bird

Colorado “True Lender” Matters Settle

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A&B ABstract: As we have previously reported, the Administrator of the Colorado Uniform Consumer Credit Code has been engaged in litigation against certain marketplace lending programs, alleging the marketplace lenders were...more

Goodwin

North Carolina AG Settles with Out-of-State Payday Lender for $825,000

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On January 27, 2020, North Carolina Attorney General Josh Stein (North Carolina AG) reached ?a settlement with an out-of-state payday lender for $825,000. The Attorney General obtained a consent temporary restraining order...more

A&O Shearman

HSBC v. Commission: Just Give Them a Reason

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On 24 September 2019, the EU General Court (GC) handed down its judgment in HSBC v. Commission. Consistent with recent precedent, the GC reaffirmed the European Commission (“Commission”)’s duty to provide sufficient reasons...more

Goodwin

Florida State Agencies Secure $28 Million Coordinated Settlement With Online Payday Lender

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On January 12, 2017, the Florida Attorney General’s Office (Florida AG) announced that it and the Florida Office of Financial Regulation (Florida OFR) had entered into coordinated settlements with an online payday lender and...more

Manatt, Phelps & Phillips, LLP

Payday Lender Pays $3.5M to Illinois AG

Keeping regulator focus on payday lending alive, Illinois Attorney General Lisa Madigan announced a $3.5 million settlement with a lender accused of violating the state’s cap on interest rates....more

Skadden, Arps, Slate, Meagher & Flom LLP

"US Enforcement Authorities Tighten Post-Settlement Scrutiny of Financial Institutions"

Last year, financial institutions continued to settle in record numbers with federal and state criminal and civil authorities in areas including benchmark interest rate manipulation, economic sanctions and anti-money...more

Ballard Spahr LLP

New York Attorney General Announces Settlement with Large Payday Lender

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On January 24, 2014, New York Attorney General Eric Schneiderman announced that a settlement had been reached with Western Sky Financial, LLC, Cash Call, Inc., WS Funding, LLC, and their principals for alleged violations of...more

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