New Jersey Attorney General Gurbir S. Grewal Jan. 21 announced an anticipated $5 million settlement with Insys Therapeutics Inc. founder John N. Kapoor to resolve allegations that Kapoor unlawfully orchestrated the payment of bribes to New Jersey doctors as part of a nationwide kickback scheme to boost sales of the companyâs flagship opioid drug Subsys.
After the state is reimbursed costs from the lawsuit, most of the recovery will be used to fund the stateâs efforts to combat the opioid epidemic. The remainder will be divided among state agencies affected by the alleged fraudulent scheme, as required by law, according to the attorney generalâs news release.
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The New Jersey Attorney General recently
filed a lawsuit in New Jersey state court against Yellowstone Capital LLC, its parent Fundry.US LLC, and various Yellowstone subsidiaries and affiliates alleging that the defendants violated the New Jersey Consumer Fraud Act (CFA) and the New Jersey Regulations Governing General Advertising (Advertising Regulations) in connection with marketing and providing merchant cash advances. Yellowstone and Fundry were also named defendants
in a lawsuit recently filed by the FTC for alleged unfair and deceptive acts or practices in violation of the FTC Act in connection with the same activities.
The CFA prohibits the use of:
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New Jersey charges MCA provider with deceptive practices
USA
December 10 2020
On December 8, the New Jersey attorney general announced an action against a merchant cash advance provider, its parent company, and six other associated entities (collectively, “defendants”) alleging the defendants violated the New Jersey Consumer Fraud Act (CFA) and the General Advertising Regulations through the marketing and transacting of their merchant cash advance (MCA) product. (The defendants are currently facing similar allegations from the FTC, covered by InfoBytes here.) According to the complaint, the defendants engaged in “unconscionable business practices, deceived consumers, and/or made false or misleading statements” by marketing and advertising an MCA product, which was allegedly structured as a short-term, high-cost loan. New Jersey argues that the MCA contracts contain terms that “eliminate the distinctions between loans (with fixed regular payments over a defined term) and