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Popular Leasing USA

In 2004, NorVergence promised businesses that they would save on telephone and Internet bills if they rented a matrix box from the telecommunications company. The businesses agreed to leases requiring them to pay $200 to $4,000 a month. NorVergence then sold the leases to about 40 finance companies, including Popular Leasing. The boxes did not work and NorVergence had no agreements with the other telecommunications companies to provide services to its customers. The company collapsed and was forced into bankruptcy in 2004. Attorney Generals in 21 states filed a lawsuit against Popular Leasing in connection with a fraudulent telecommunications scheme by NorVergence. According to the terms of the settlement, Popular Leasing will forgive debt or provide refunds of $15.3 million to 650 customers and will refund a portion of premiums and other fees associated with replacement insurance for the matrix boxes. (Aug-24-06) [ST. LOUIS TODAY]

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Published on Aug-28-06


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