Van Nuys Financial

Agency: Los Angeles County Department of Consumer Affairs
Description:

On March 12, 2021 the People of the State of California and Van Nuys Financial entered a Final Judgment and Injunction Pursuant to Stipulation and Stipulation without admission of liability. According to the final judgment Van Nuys Financial is permanently enjoined and restrained  from offering, through advertisements, solicitation letters, telephone calls, or other means, to recover monetary court judgments on behalf of consumers or clients who are awarded such court judgments, primarily in Small Claims Court; and negotiating and entering into written contracts with such consumers or clients to assign their monetary court judgments over to Van Nuys Financial in exchange for a specified share of funds collected from the judgments.

In addition, the Company is enjoined and restrained from making our authorizing any false and misleading statements, written or oral: to induce potential clients or consumers to assign monetary court judgments over to Van Nuys Financial; regarding the payment to clients of any shares of funds that Van Nuys Financial have collected from monetary court judgments, including any false and misleading statements relating to: (1) the terms of any payment; (2) the amount of any payment; or (3) the timing, frequency, or date of any payment;  regarding the regularity or frequency of contacts that Van Nuys Financial have with clients (whether by letter, telephone, or email) as to the status of the enforcement of monetary court judgments or the status of the payment of funds collected from such judgments.; failing to notify any client that Van Nuys Financial successfully have enforced the client's monetary court judgment; failing to pay to clients any share of funds that Van Nuys Financial have collected from monetary court judgments, in violation of assignment contracts that Defendants have entered into with clients.

Van Nuys Financial is required to pay restitution in the amount of $60,000.00 and pay to clients the share of funds they have collected from monetary court judgments, as required by assignment contracts with those clients, within thirty (30) days of successfully enforcing and collecting on such judgments. The order also stipulates Van Nuys Financial must investigate and respond within 60 days of the entry of this Final Judgment to all complaints from clients or consumers. They must also keep a record of all complaints from clients and consumers to develop and implement, within sixty (60) days of the effective date of the Final Judgment, a written policy and system for documenting such client or consumer complaints, provide copies to the Department of Consumer and Business Affairs, and maintain such complaints, responses, and related records for a period of ten (10) years from the effective date of the Final Judgment.

For more information of the Final Judgment visit the DCBA website.