Case docket
FTC v. Biz2Credit, Inc. and Itria Ventures LLC — U.S. District Court, S.D.N.Y.
Federal Trade Commission v. Biz2Credit, Inc. and Itria Ventures LLC — 2 court filings in the archive from U.S. District Court for the Southern District of New York, filed between March 18, 2024 and March 20, 2024. Among them: 1 stipulation.
Profile: Biz2Credit
Case facts
| Court | U.S. District Court for the Southern District of New York |
|---|---|
| Filings | 2 public filings |
| Filed | 2024-03-18 – 2024-03-20 |
| Document types | stipulation (1) |
| Original PDFs | 2 of 2 |
Case summary
The Federal Trade Commission filed this action on March 18, 2024 in the U.S. District Court for the Southern District of New York, No. 1:24-cv-02001-JLR, against Biz2Credit, Inc. and its wholly owned subsidiary Itria Ventures LLC. The complaint is brought under sections 5(a)(1), 13(b) and 19 of the FTC Act and the COVID-19 Consumer Protection Act, and pleads three counts arising from the defendants' advertising and processing of Paycheck Protection Program loan applications. Two days later, on March 20, 2024, the court entered a stipulated order for permanent injunction, monetary judgment and other relief. The order enters judgment of $33,000,000 in favor of the Commission against the defendants jointly and severally, payable within seven days, and records that the defendants neither admit nor deny the allegations.
Case at a glance
| Parties | Plaintiff Federal Trade Commission; defendants Biz2Credit, Inc., a Delaware corporation, and Itria Ventures LLC, a Delaware limited liability company and a wholly owned subsidiary of Biz2Credit, both with their principal place of business in New York |
|---|---|
| Court and docket | U.S. District Court for the Southern District of New York, No. 1:24-cv-02001-JLR |
| Program | Paycheck Protection Program (PPP), administered by the Small Business Administration |
| Claims | Count I, false, misleading or unsubstantiated claims regarding application processing time, in violation of section 5(a) of the FTC Act; Count II, unfairly blocking consumers from applying with other lenders; Count III, misrepresentations associated with a government benefit related to COVID-19, under the COVID-19 Consumer Protection Act |
| Disposition or status | Resolved by stipulated order entered March 20, 2024: a permanent injunction, and judgment of $33,000,000 against the defendants jointly and severally. The defendants neither admit nor deny the allegations except as stated in the order, and both sides waived all rights to appeal or contest its validity |
| Status checked | 2026-09-23 · against DOJ press releases through 2026-09-22; court docket not yet read |
What does the complaint allege?
That in numerous instances the defendants represented that applications would be processed within an average timeframe of "10-12 Bus. Days", and that those representations were false, misleading or unsubstantiated when made; and that the defendants failed to withdraw or cancel applications despite consumers' requests, which prevented or delayed consumers from applying with other lenders. These are the complaint's allegations.
What does the stipulated order require?
It permanently restrains the defendants and those acting with them from misrepresentations in connection with advertising, marketing, promoting, distributing, servicing or offering any extension of credit, and requires that a telephone number be answered promptly during normal business hours so an applicant can obtain the current status of a pending application and be notified of missing documents.
What else is on the page?
Three filings dated March 18 to March 20, 2024. The complaint appears twice, under two different slugs; the third document is the stipulated final order, Document 9.
Summary written from the documents on this page; every sentence is sourced.
Filings
2 public filings from this case, in filing-date order.
Court, dates and docket numbers are as recorded on the filings.