September 17, 2019 / 11:45 PM / a month ago

IN BRIEF: 3rd Circuit revives finder’s-fee claim against student loan collector NCS

Student-loan debt collector National Credit Services owes Fed Cetera LLC a 2.5 percent finder’s fee for helping NCS secure its first contract with the U.S. government, the 3rd U.S. Circuit Court of Appeals held on Tuesday.

NCS had hired Net Gain, a networking-relationship service in 2010 to facilitate the process of becoming a federal loan-servicing contractor. NCS agreed to pay Net Gain a finder’s fee for any federal contract it “consummated” before Feb. 1, 2016. Net Gain later assigned its contract to Fed Cetera.

To read the full story on Westlaw Practitioner Insights, click here:

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