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JP Morgan Chase Stipulation and Consent Order Could Have Broad Sweeping Effects for Consumers

The pervasive financial instability that persists in this country has taken a different turn as credit card issuers and collection agencies, who buy overdue credit card accounts in bulk, ramp up their aggressive tactics in pursuing litigation against consumers.  Wites & Kapetan, P.A., a law firm that represents consumers who find themselves in court over lawsuits concerning credit card debt, reports that creditors often use robo-signing and boilerplate affidavits to support their lawsuits against consumers. As litigation over consumer debt mounts, however, some of the tactics in these lawsuits resemble those that marred the mortgage foreclosure cases a few years...

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Wites & Kapetan Settles Lawsuits For Victims Of Legionnaire’s Disease

Wites & Kapetan announces that it has settled the cases of two guests of the Best Western Sovereign in Albany, New York, after they suffered severe injuries when they contracted Legionnaire’s disease during stays at the hotel.  Both men were exposed when they showered, brushed their teeth, and drank water from the hotel’s water system that had been infected with high rates of the Legionella pneumophila bacteria. One of the firm’s clients was admitted to the hospital after spending just one night in the hotel, after experiencing acute symptoms of Legionnaire’s disease, a form of bacterial pneumonia that can be extremely severe. ...

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The SEC and FINRA Warn About “Lump Sum Payouts” Of Pensions, Retirement Benefits, And Other Income Streams

The Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) are warning consumers about companies that offer to pay lump sums in exchange for the future income stream of individuals’ pension or retirement benefits.  These payouts are similar to those sometimes offered by “factoring” or “pension advance” companies in exchange for payment streams in negotiated litigation settlements. The factoring company places a value on the future income stream using a specified interest rate, based on an estimate of the consumer’s life expectancy.  In theory, the lump sum payment is sufficient to provide the same income to the...

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