EDMC Settlement Loan Forgiveness
For profit education company Education Management Corporation (“EDMC”) has agreed to forgive $102 million in outstanding debt to more than 80,000 former students as part of a settlement agreement filed with the district court on November 16, 2015. EDMC operates 110 schools in 32 states and online, including Argosy University, The Art Institutes, Brown Mackie College and South University. Please read our press release for additional information about the settlement.
519 former students from Idaho will be eligible for $504,000 total in loan forgiveness. Qualifying former students includes former students who meet the following criteria: (a) enrolled in a program of study with fewer than 24 hours of transfer credit, (b) withdrew from the program of study within 45 days of the first day of their first term, and (c) whose final day of attendance at an EDMC school was between January 1, 2006 and December 31, 2014. Former students who are eligible for loan forgiveness will be sent notices from EDMC after January 1, 2016. Federal student loans are not included in this settlement.
A settlement has been reached with Moody’s Corporation, Moody’s Investors Service, Inc., and Moody’s Analytics, Inc. (collectively, “Moody’s”) resolving Attorney General Wasden’s investigation of Moody’s conduct and representations of independence and objectivity in the rating of structured finance securities. Structured finance securities were at the center of the financial crisis that began in 2007. Idaho’s share of the settlement is $7,488,167. In addition to the monetary provision, Moody’s has agreed to a detailed statement of facts in connection with the way it rated residential mortgage-backed securities and collateralized debt obligations, and significant compliance terms including an annual certification by the CEO of Moody’s Corporation for the next four years certifying that Moody’s is following certain compliance requirements. Please read our press release for additional information about the settlement.
A proposed settlement has been reached in a lawsuit regarding the price that individuals in 48 states, including Idaho, and the District of Columbia paid for Provigil® and generic versions of Provigil® (modafinil). The lawsuit asserts that Cephalon, Inc. and affiliated companies violated antitrust laws relating to the sale of the prescription pharmaceutical Provigil®. Please read our press release for additional information about the settlement.
If you purchased Provigil® and/or generic versions of Provigil® (modafinil) between June 24, 2006 and March 31, 2012, you may be entitled to a payment from the settlement. To learn more about the settlement, and to submit a consumer claim form, please visit www.stateagprovigilsettlement.com. To be eligible to receive a payment, you must complete and submit a valid claim form by April 13, 2017.
USA Discounters Settlement
USA Discounters, also doing business as USA Living and Fletcher’s Jewelers, has agreed to extinguish accounts or give credits to certain former and current customers as part of a settlement agreement approved by the Court September 29, 2016. The settlement resolves the Attorney General’s investigation into deceptive trade practices by the company.
The total estimated value to consumers nationwide for these restitution measures is approximately $95.9 million, primarily benefiting active and veteran service members. The settlement will extinguish accounts or give credits to approximately 71 Idaho residents, with a value of approximately $154,604. Namely, USA Discounters agreed to:
Qualifying consumers will be notified by USA Discounters. Please read our press release for additional information about the settlement.
Volkswagen (VW) Consumer Settlement
A comprehensive settlement of many claims relating to VW’s emission fraud case was recently announced where a federal EPA lawsuit, a federal FTC lawsuit and consumer class action lawsuits were filed. Among other things, the settlement provides consumers with the option to either sell affected vehicles back to VW, or to have the vehicles repaired to fix the emissions violations.
(Last updated 2/17/2017)