The first Bitcoin ATM “Bitcoin Bodega” opens on the Las Vegas strip by Coin Cloud. The Bitcoin Bodega highlights a recent trend in bitcoin tourism, providing digital currency enthusiasts with a quick, easy and safe means to buy or sell bitcoin. Coin Cloud provides consumers convenient access to bitcoin, allowing customers to store money on the blockchain and access it with ease.
Asta Funding, Inc. today announced the acquisition of an 80% ownership interest in CBC Settlement Funding, LLC (“CBC”) On December 31, 2013, the Company, through a subsidiary acquired 100% of the ownership of CBC and its affiliate, CBC Management Services, LLC, for approximately $5.9 million. At the closing, the operating principals of CBC, namely William J. Skyrm, Esq. and James Goodman, were issued a 20% interest in CBC (10% to Mr. Skyrm, and 10% to Mr. Goodman). William J. Skyrm, Esq. and James Goodman, have over 30 years combined experience in the structured settlement industry. CBC purchases periodic payments under a structured settlement and annuity from individuals in exchange for a lump sum payment. In addition, the Company, through another subsidiary has agreed to provide financing to CBC of up to $5 million.
Andrew M. Paur has established his advisory service intended to assist financial institutions and other organizations involved in the electronic payments industry with strategic, operational, regulatory, fraud, and compliance issues to assist financial institutions and other payments industry participants in navigating the complex payments landscape, while maximizing profitability and efficiency. Paur has worked in numerous capacities in the electronic funds transfer (EFT) industry ranging from in-house counsel of one of the largest payment networks in the country to the Director of Payments for one of the largest debit cards issuers in the country. Paur Payments Advisory Group Incorporated is an advisory firm specializing in issues relating to electronic payments.
Atlanta attorney E. Adam Webb
has filed a class action lawsuit against Capital One Bank.
According to the suit, Capital One raised the interest rates associated
with credit card accounts by over 9% even though accounts were
in good standing and had been at all relevant times. Although Capital
One did not purport to impose these new higher rates on balances accrued
prior to its notice to consumers, the effect is the same because of the
Bank’s practice of crediting all payments to the portion of the account
balance with the lowest interest rate. In addition, the suit alleges
that Capital One’s offer that customers could reject this interest rate
increase by closing their credit card accounts is inadequate because
closing a credit line has a negative impact
on a consumer’s credit score. A lower credit score can cost a consumer
thousands of dollars over the term of a home mortgage or other loan. As
a result, customers have been forced to accept Capital One’s unilateral
The Plaintiffs allege that Capital One is liable for all damages that
have resulted from its bad faith and improper conduct, to include the
differential in interest payments paid by the class members to Capital One.
Law firm Constantine Cannon issued an announcement in the “Visa
Check/MasterMoney Antitrust Litigation” regarding updates to the
settlement fund. On March 6, 2009, Lead Counsel filed with the Court a
request to sell (or to securitize) MasterCard’s remaining payment
obligations, which currently total $400
million and will be paid into the settlement fund in four annual
installments between 2009 through 2012. If the request is approved and
the securitization is completed, Lead Counsel will be able to make
lump-sum distributions of residual
payments to Class Members who filed approved claims instead of making
installment payments over the next four years of any residual amounts.
Alliance Data Systems has signed a long-term agreement with Los Angeles-based PD Financial to offer private label credit card services. PD Financial Corporation, which currently operates under the trade name PeachDirect plans to launch its new brand identity as VENUE for both its catalog and web channels, with the private label credit card program launch coinciding with the new brand. Alliance Data will provide private label credit card services including account acquisition and activation; receivables funding; card authorization; private label credit card issuance; statement generation; remittance processing; customer service functions; and marketing services. The card program will build customer loyalty and drive repeat purchasing through a customer rewards program, which will provide incentives that recognize and reward cardholders for their patronage. PD Financial is a fast-growing retailer of luxury merchandise with sales in 2007 that reached $200 million.
CA-based Girard Gibbs has become the first securities litigation specialist to jump on VeriFone’s accounting problems that were announced this week. Girard Gibbs filed the lawsuit, which seeks class action status, on behalf of persons who purchased or otherwise acquired securities of VeriFone between March 1, 2007 and November 30, 2007. The lawsuit alleges that VeriFone and certain of its present and former officers violated the “Securities Exchange Act of 1934.” VeriFone this week announced it was restating its financial statements for the first three fiscal quarters of 2007. VeriFone’s share price fell by 45% on nearly 35 times its average trading volume. VeriFone said pre-tax income for the first nine months of this year is likely to be nearly $30 million lower than what was previously reported. The restatement is principally due to errors in accounting related to the valuation of in-transit inventory and allocation of manufacturing and distribution overhead to inventory. VeriFone’s Board of Directors have also decided to delay its fourth quarter earnings report, due out this week, pending completion of the assessment of the errors and the restatements. (CF Library 12/4/07)
Mighty Net, the owner of CreditReport.com responded to its recent settlement with Experian’s ConsumerInfo.com over a trademark infringement case lawsuit. Mighty Net denied and continues to deny all claims of ConsumerInfo, in an effort to appease their concerns, Mighty Net modified and/or removed particular aspects of the landing page about which ConsumerInfo voiced concern. Notwithstanding Mighty Net’s good faith efforts to resolve this early on, ConsumerInfo continued forward with its lawsuit. Mighty noted it launched its Web site prior to ConsumerInfo.com, has grown to be the one of the largest privately owned companies in its sector and that clients value its personalized business practices and reliable credit monitoring services. Experian Consumer Direct filed suit against Mighty Net in March 2006 for trademark infringement, claiming that Mighty Net copied Experian Consumer Direct’s URLs, logos, and the look and feel of its Web sites in order to drive traffic and create interest in Mighty Net’s products and services. (CF Library 8/13/07)
A class action lawsuit has been filed on behalf of shareholders of Checkfree, alleging that the Company failed to disclose material adverse facts. The Class Period is from April 4, 2006 through August 1, 2006 inclusive. They include: that the Company was experiencing a drastic downturn in its transaction growth; that the Company lacked adequate internal and financial controls; and that, as a result of the foregoing, the Company’s financial and operational projections were lacking in a reasonable basis when made.Prior to and throughout the Class Period, CheckFree relayed to investors and analysts that the Company would maintain its consistent financial performance and impressive growth. It was projected that the Company would realize 25 percent annual transaction growth for the foreseeable future. Citing Company statements, financial analysts projected that shares of the Company’s stock would reach over $60 per share in the near future. However, on August 1, 2006, the Company shocked investors and financial analysts when it disclosed that its quarterly results for the fourth quarter of fiscal year 2006 were vastly below their forecasted projections for the quarter. On this news, shares of CheckFree declined $5.93 per share, or 13.75 percent, to close on August 2, 2006 at $37.20 per share, on unusually heavy trading volume. Class members are represented by the law firm of PA-based Schiffrin Barroway Topaz & Kessler.
A lawsuit seeking class action status has been filed on behalf of all persons who purchased the securities of CheckFree between April 4, 2006 and August 1, 2006.The defendants are CheckFree, Peter J. Kight, who Chairman of the Board and CEO and David Mangum, EVP and CFO of the Company. The Complaint alleges that during the Class Period, defendants misled investors by issuing false and misleading statements about CheckFree’s operations and financial condition and as a result, the price of CheckFree securities was artificially inflated during the Class Period.
CA-based Tranax Technologies has formed a Board of Directors including Wolfgang Hausen, Jack McDonnell Jr., Dr. Kathryn Hanson; Dr. Hansup Kwon and Heemook Kwon. The role of the newly-created board of directors will be to serve as a sounding board and counsel to help the CEO and executive team evaluate and respond to strategic business opportunities and challenges. The charter will also include accelerating the implementation of practices, people, and strategies needed to expand and grow Tranax. The five board members will serve for 3 years and will provide best practices related to corporate strategy, operations and general management. Tranax provides the design, development, manufacture and sale of self-service technology to the retail, banking, hospitality, entertainment, and gaming industries.
The U.S. Senate Committee on Banking, Housing, and Urban Affairs will open a hearing this morning to explore the business practices of the U.S. credit card industry. The hearing titled “Examining the Billing, Marketing, and Disclosure Practices of the Credit Card Industry, and Their Impact on Consumers.” will begin at 9:30 AM. Among witnesses to testify today: Professor Elizabeth Warren of the Harvard Law School; Robert Manning, author of Credit Card Nation; Michael Donovan, an attorney with Donovan and Searles; John Finneran of CapitalOne; Richard Vague, CEO of Barclaycard U.S.; Carter Franke, EVP of JP Morgan Chase; Tamara Draut of Demos; and Travis Plunkett of the Consumer Federation of America.