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February 14, 2016 12:01 PM ET

Commercial Services and Supplies

Company Overview of Sherman Financial Group LLC

Company Overview

Sherman Financial Group LLC, through its subsidiaries, originates, purchases, and services consumer and commercial debt in the United States, Canada, Mexico, and the United Kingdom. The company specializes in the development of solutions that optimize long term value. Its services include direct origination of credit cards and consumer loans; servicing of various types of consumer assets; investment in performing and non-performing consumer debt originated by financial institutions, credit card companies, retailers, and others; and investment in real estate, corporate debt, and structured asset purchases. Sherman Financial Group LLC was founded in 1998 and is based in Charleston, South Carol...

200 Meeting Street

Charleston, SC 29401-3156

United States

Founded in 1998

Phone:

864-248-8759

Fax:

843-722-1884

Key Executives for Sherman Financial Group LLC

Founder and Chief Executive Officer
Age: 52
Compensation as of Fiscal Year 2015.

Sherman Financial Group LLC Key Developments

Judge Nixes RICO Lawsuit Against Sherman Financial Group

A racketeering lawsuit against Sherman Financial Group, can't move forward as a class action, a federal judge in Indianapolis has ruled. U.S. District Judge Tanya Pratt said circumstances vary too much among class members and individual proof would be needed for each class member to support their claims that Sherman subsidiaries didn't own consumers' debt when they tried to collect it. The legal action was originally filed Nov. 9, 2012. While the decision discusses legal standards for class action certification, the key point was that after three years of litigation and discovery the plaintiffs failed to offer evidence that their debts were actually securitized. The order states that underlying the argument that [defendants] did not own the plaintiffs' debts is the plaintiffs' understanding of the effects of securitization on the debts. Plaintiffs allege that shortly after a consumer assumes a debt obligation or receivable, the originating bank, through subsidiaries, pools the receivable with others into a financial instrument that can be sold to outside investors, which results in the creation of an asset-backed security.

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