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ARTICLE · 03 SEPTEMBER 2015

State AGs In The News - August 27th, 2015

Blank Rome
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Florida Governor Rick Scott has increased the number of planned audits of state hospitals from 31 to at least 129 in an effort to determine whether they have been overcharging Medicaid in violation of Florida law.

United StatesConsumer Protection
Aaron R. Lancaster
Aaron R. Lancaster
Doreen Manchester
Doreen Manchester
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Consumer Financial Protection Bureau

CFPB Joins With New York Department of Financial Services to Sue Pension Advance Companies

  • The Consumer Financial Protection Bureau (CFPB) and the New York Department of Financial Services (DFS) filed a lawsuit against Pension Funding LLC, Pension Income LLC, and managers Stephen Covey, Edwin Lichtig, and Rex Hofelter ("defendants"), for violating the Consumer Financial Protection Act and various New York state laws.
  • The complaint alleges that defendants used deceptive practices to steer military veterans and civil servants to defendants' website, and then offered lump sum cash advances to the consumers in exchange for their agreement to redirect all or part of their pension payments to defendants over a period of eight years. The complaint alleged that defendants falsely advertised their product was a pension buyout (not a loan), and that it had low or no applicable interest rate and no associated costs or fees.

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