MOBE litigation stayed, Synovus & QualPay intervention reset
Following a hearing held on August 2nd, MOBE case proceedings have been stayed for 90 days.
The request for a stay was made last week, amid ongoing settlement negotiations between MOBE owner Matt Lloyd McPhee and the FTC.
As per the order, the stay has been granted for ninety days as of August 2nd.
If the proposed Lloyd settlement is approved by the Commission, then a motion for settlement approval will be filed.
If not, the parties are directed to ‘move for an extension of the stay if appropriate.‘
In related news multiple motions pertaining to the disputed $6.3 million Synovus Bank and QualPay are trying to hang on to have been stricken.
The court found neither non-party complied with Civil Procedure rules upon seeking to intervene in the case.
Synovus and Qualpay have been given until September 3rd to file new motions to intervene, this time complying with Civil Procedure rules.
Update 8th February 2020 – As at the time of this update, the FTC Commissioners are still yet to decide on the proposed Matt Lloyd FTC settlement.
On January 23rd the FTC requested another 45 day stay extension.
FTC staff anticipates that it may need an additional 45 days for the Commission to review and vote on the proposed order.
Pending approval or denial of Lloyd’s FTC settlement, stay tuned…
Update 2nd June 2020 – QualPay’s campaign has come to an end following a suspended $46.7 million settlement with the FTC.
Update 15th December 2020 – A $2 million dollar settlement has been reached between Synovus Bank and the MOBE Receivership.