Navy Federal Credit Union’s breach of contract lawsuit over debt collection was revived by the Fourth Circuit, which held that the federally chartered corporation is a citizen of Virginia for purposes of federal jurisdiction.
Navy Federal sold a portfolio of debt instruments to Advantage Assets II Inc., which resold the asserts to its codefendants LTD Financial Services LP, Debt Management Partners LLC, and Bayview Solutions LLC. Navy Federal claims the resale violated Advantage’s asset purchase agreement, and that the codefendants used unscrupulous debt collection practices that defamed the credit union, interfered with its business, and injured its members.
Navy Federal ...
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