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Click on the little hoodlum below to get a layman's explanation of how Leasecomm/Microfinancial/TimePayment operates

No matter how you spin it MFI/Leasecomm took a licking in the following cases.

Click on the next link to see the case as it was laid out by Attorney John Klotz complete with legal precedents etc. but don't call John about this case. He's busy working on other cases! ROTFL (that means I'm rolling on the floor laughing)
p.s. Further pressing got him to say that the case was amicably settled between the parties.

Leasecomm v Akpaffiong This is the case that backfired on Microfinancial. Ms Akpaffiongs attorney Derrege Demissie counter sued, laying out a thorough description of the Microfinancial/Leasecomm methods of operation and won a nice judgement for his client.
This case is further described by Sascha Pfeiffer of the Boston Globe

Aaron Cobb v Leasecomm was probably the first big case to settle. Oops, be dismissed, (by mutual agreement).

Brent Irby of McCallum Hoaglund Cook & Irby, LLP of Birmingham Alabama Ceased to talk about the class action case "Aaron Cobb et al v Leasecomm/Microfinancial et al" months ago. His law firm specializes in class action suits. He seems to be very happy these days. (again I'm ROTFL).

Law Offices Of Charles J. Piven, P.A. Announces Class Action Lawsuit Against MicroFinancial, Inc.
Thursday October 23, 4:11 pm ET

BALTIMORE, Oct. 23, 2003 (PRIMEZONE) -- Law Offices Of Charles J. Piven, P.A. today announced that a securities class action has been commenced on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of MicroFinancial, Inc. (NYSE:MFI - News) between February 5, 1999 and October 30, 2002, inclusive (the ``Class Period'').

The case is pending in the United States District Court for the District of Massachusetts against defendant MicroFinancial and certain of its officers and directors.

The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the Class, you may move the court no later than December 15, 2003 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.

If you were a purchaser of shares of the company listed above during the period indicated and want to discuss your legal rights, you may e-mail or call Law Offices Of Charles J. Piven, P.A. who will, without obligation or cost to you, attempt to answer your questions. Law Offices Of Charles J. Piven has been involved in securities litigation for over ten years. You may contact Law Offices Of Charles J. Piven, P.A. at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by email at hoffman@pivenlaw.com or by calling 410/986-0036.

There are probably many more cases that MFI has quietly settled in the hopes that the public wont learn of them so that they can continue to intimidate other victims.