Lloyd’s of London insurers and a Markel Group Inc. unit sued a Southern California small business lender and its founder over legal defense costs for a lawsuit brought by the Federal Trade Commission.
The FTC in its November suit alleged Seek Capital LLC and CEO Roy Ferman carried out a bogus financing scheme that cost small business owners more than $37 million. The company advertised that it could help small business owners obtain business loans or lines of credit, but instead it charged clients simply to open credit cards in the owners’ names, the FTC said.
The US District Court ...
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