Senate Committee Launches Pension-Lender Probe

Law360, New York (May 20, 2013, 2:53 PM EDT) -- A U.S. Senate committee announced Monday that it is searching for victims of potential pension-lending schemes, launching an investigation of loans in which retirees sign over benefits for cash but are hit by hidden exorbitant interest rates and fees.

Retirees ensnared by these controversial loans receive lump sums in exchange for stakes in their pension benefits, possibly agreeing, unwittingly, to illegally high repayment rates, according to the Senate Health, Education, Labor and Pensions Committee. Members of the committee Senators Tom Harkin, D-Iowa, and Lamar Alexander, R-Tenn.,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.