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posted by martyb on Tuesday December 04 2018, @10:14AM   Printer-friendly
from the the-system-is-broken dept.

In a followup to an article discussed previously here on SoylentNews:

Bloomberg has a three-part series on the use of an obscure legal document that unscrupulous lenders are using against small businesses.

  • In Part 1 - I Hereby Confess Judgement, (the part discussed earlier on SoylentNews,) they go into detail on what the predatory lenders are doing to small businesses using a document known as a "Confession of Judgement" to extract court wins from small businesses without a trial.
  • In Part 2 - The $1.7 Million Man, they go into how a debt collector became NYC's top earning official.
  • In Part 3 - Rubber Stamp Justice, the article describes how the courts are involved, and what some of them are doing to prevent this abuse.

After the story was released on Bloomberg, the New York State Attorney General's office opened a formal investigation last month.


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  • (Score: 1) by khallow on Wednesday December 05 2018, @04:06AM

    by khallow (3766) Subscriber Badge on Wednesday December 05 2018, @04:06AM (#769951) Journal

    But would a confession of judgement clause be made illegal in a Libertarian utopia?

    Depends. A fair number would disagree that one can sign away rights in a contract. And even of those who do have that opinion, a contract made in bad faith would void that confession of judgment.