Bureau of Consumer Financial Protection v. Sterling Infosystems, Inc., No. 1:2019cv10824 - Document 7 (S.D.N.Y. 2019)

Court Description: STIPULATED FINAL JUDGMENT AND ORDER: This Court has jurisdiction over the parties and the subject matter of this action. Defendant neither admits nor denies any allegatjons in the Complaint, except as specified in this Order. For purposes of this Or der, Defendant admits the facts necessary to establish the Court's jurisdiction over it and the subject matter of this action. IT IS FURTHER ORDERED that: Within ten (10) days of the Effective Date, Defendant must reserve or deposit into a segregated deposit account $6 million for the purpose of providing redress to Affected Consumers as required by this Section ("Redress Fund"). Within forty-five (45) days of the Effective Date, Defendant must submit to the Enforce ment Director for review and non-objection a comprehensive written plan for providing redress to Affected Consumers consistent with this Order ("Redress Plan"). The Enforcement Director will have the discretion to make a determination of non-objection to the Redress Plan or direct Defendant to revise it. If the Enforcement Director directs Defendant to revise the Redress Plan, Defendant must make the revisions and resubmit the Redress Plan to the Enforcement Director within thirt y (30) days. After receiving notification that the Enforcement Director has made a determination of non-objection to the Redress Plan, Defendant must implement and adhere to the steps, recommendations, deadlines, and timeframes outlined in the Red ress Plan. IT IS FURTHER ORDERED that: Under § 1055(c) of the CFPA, 12 U.S.C. § 5565(c), by reason of the violations of law alleged in the Complaint, and taking into account the factors in 12 U.S.C. § 5565(c)(3), Defendant must pay a civil money penalty of $2.5 million to the Bureau. Within ten (10) days of the Effective Date, Defendant must pay the civil money penalty by wire transfer to the Bureau or to the Bureau's agent in compliance with the Bureau's wirin g instructions. In the event of any default on Defendant's obligations to make payment under this Order, interest, computed under 28 U.S.C. § 1961, as amended, will accrue on any outstanding amounts not paid from the date of default to t he date of payment, and will immediately become due and payable. IT IS FURTHER ORDERED that: The Court will retain jurisdiction of this matter for the purpose of enforcing this Order and further set forth in this Order. (Signed by Judge Alison J. Nathan on 11/26/2019) (rro)