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.
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