The U.S. District Court for the Northern District of California issued a $7.93 million trial verdict in the Consumer Financial Protection Bureau’s (CFPB) favor against Nationwide Biweekly Administration Inc. The CFPB had accused Nationwide of deceptive marketing practices regarding its payment program.
The CFPB had requested $73.9 million in restitution. However, U.S. District Judge Richard Seeborg declined, stating that the CFPB had “proved that defendants engaged in the type of fraud commonly connoted by the well-worn phrase ‘snake oil salesmen.’ ”
Read on for more details about the resolution of the case.
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