Washington, DC - Attorney General Robert J. Spagnoletti announced today that he has joined in a multi-state settlement with CIT Group/Equipment Financing, Inc. (CIT), Lyon Financial Services d/b/a US Bancorp Business Equipment Finance Group (USB), and Wells Fargo Financial Leasing, Inc. (WFFL) in connection with a widespread telecommunications fraud involving NorVergence, Inc., a bankrupt New Jersey-based telephone equipment and service company.

CIT, USB, and WFFL have reached a settlement agreement with the District of Columbia, and Attorneys General from Arizona, Colorado, Connecticut, Delaware, Georgia, Illinois, Kansas, Louisiana, Maryland, Massachusetts, Michigan, New Hampshire, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, South Dakota, Washington, and West Virginia. Under the terms of the agreement, CIT, USB, and WFFL will refund or forego collection of $30 million in rental payments from consumers in the District of Columbia and 20 states.

"Small businesses are a vital part of our local economy," said Attorney General Spagnoletti. "This settlement agreement makes certain that companies in the District do not suffer because of the deceptive sales practices of NorVergence. Small businesses in the District are now able to recoup or save $680,000 in forgiven or refunded rental fees."