| Court: Cash advances violate law
HARRISBURG, Pa. (AP) -- A payday lending business violated Pennsylvania consumer law by providing loans of as much as $500 to people in return for 6 percent interest plus a $150 monthly fee, a state court ruled Tuesday. A Commonwealth Court panel agreed with the Banking Department's claim that fees charged by Advance America Cash Advance Centers exceeded limits of the state's Consumer Discount Company Act.
The Banking Department sued Advance America's parent company, NCAS of Delaware LLC, in September, three months after the company began offering the loan product.
The lawsuit called Advance America's $150 "monthly participation fee" an illegal and usurious sham.
The opinion issued Tuesday prevents Advance America from continuing to lend money or "collecting on lines of credit or loans currently outstanding in the Commonwealth of Pennsylvania pursuant to the" violations of state law.
Warner Chilcott Reports Operating Results for the Quarter Ended June 30, 2007
HAMILTON, Bermuda, Aug. 10 /PRNewswire-FirstCall/ -- Warner Chilcott Limited (Nachrichten) today announced its results for the quarter ended June 30, 2007. Total revenue in the quarter ended June 30, 2007 rose to $227.0 million, an increase of 21.4%, over the prior year quarter. The primary driver of the increase in revenue was the net sales of two products introduced in March 2006, LOESTRIN 24 FE and TACLONEX, which together contributed $48.8 million of revenue growth for the quarter ended June 30, 2007 compared to the prior year quarter. The Company reported net income of $7.9 million ($0.03 per diluted share) in the quarter compared with a net loss of $36.7 million in the prior year quarter.
Cash net income in the quarter ended June 30, 2007 was $64.7 million. The Company's results for the quarter ended June 30, 2007 included a $10.0 million expense for the previously disclosed settlement of two antitrust lawsuits brought by certain direct purchaser plaintiffs.
Investools Settles Lawsuit
Online brokerage and investor education service provider Investools Inc. said Monday it has settled a lawsuit brought by Jana Partners LLC. The settlement provides for in-kind services instead of cash. The settlement was reflected in the company's second-quarter financial statements. Jana filed a lawsuit against Investools in June attempting to receive money for providing financing in connection with Investools' merger with thinkorswim Inc. Investools claimed Jana violated the terms of the financing and dropped the company as a partner. .
Court sides with Banking Dept. in high-cost loan lawsuit
A payday lending business violated Pennsylvania consumer law by providing loans of as much as $500 to people in return for 6 percent interest plus a $150 monthly fee, a state court ruled Tuesday. A Commonwealth Court panel agreed with the Banking Department's claim that fees charged by Advance America Cash Advance Centers exceeded limits of the state's Consumer Discount Company Act. The Banking Department sued Advance America's parent company, NCAS of Delaware LLC, in September, three months after the company began offering the loan product. The lawsuit called Advance America's $150 "monthly participation fee" an illegal and usurious sham. The opinion issued Tuesday prevents Advance America from continuing to lend money or "collecting on lines of credit or loans currently outstanding in the Commonwealth of Pennsylvania pursuant to the" violations of state law.
Episcopal diocese settles lawsuit
A group of former Episcopalians from Attleboro has agreed to return an undisclosed amount of money to the Episcopal Diocese of Massachusetts to settle a lawsuit alleging that the group, who broke away to protest the denomination's approval of an openly gay bishop, took cash and property belonging to the diocese. The lawsuit was one of several around the country between Episcopal dioceses and departing members in an escalating dispute over the ownership of parish property. Conservatives have charged that the denomination is using a nationwide litigation campaign to intimidate them; diocesan officials say they are simply trying to protect their patrimony. In Massachusetts, where the courts in the past have repeatedly ruled that parish property in hierarchical denominations belongs to the denominations, the two sides decided to settle just five weeks after the litigation was filed.
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