A new US law, set to take effect on January 1, is aimed at putting an end to the country’s infamous standing as a sanctuary for shell companies. For the first time, millions of businesses will be obliged to disclose their ownership information or risk significant fines and potential imprisonment for noncompliance. However, according to a recent survey by Wolters Kluwer, many—including advisers such as lawyers and CPAs—are unaware of this upcoming regulation. Ross Aronowitz, the vice president of the CT Corporation Law Firm segment at Wolters Kluwer, noted that an adequate campaign to promote awareness about the new law is critically lacking in an interview with Hugo Guzman of Law.com.
Meanwhile, Golden Pear Funding II LLC, Golden Pear Funding Opco, and Daniel Amsellem are facing a consumer class action initiated on October 9 in the New Jersey Superior Court for Essex County. Initiated by the Kim Law Firm, the lawsuit stems from the defendants’ business of offering loans to victims of personal injury litigation. The claim alleges the defendants have failed to secure a license to operate as a consumer lender or sales finance company, as mandated by the New Jersey Consumer Finance Licensing Act. At this time, defendants have yet to appoint legal representation. For real-time updates on this case, and other state and federal litigations, plus the latest in corporate deals, legal professionals should refer to Law.com Radar.