NorVergence Inc.

Lyon Financial Services and Wells Fargo Financial Leasing Inc. had both bought lease agreements with the bankrupt, New Jersey based telephone equipment and service company. NorVergence allegedly misrepresented and overstated the value of network devices it installed. The company purchased the devices from a manufacturer for a fraction of the price. In the multistate settlement, Wells Fargo and U.S. Bancorp agreed to refund $15.2 million in rental payments to consumers. (May-26-05) [DENVER BUSINESS JOURNAL]

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