Platinum Equity-owned Transworld Systems fined $2.5 million for illegal student debt collection lawsuits, draws thousands of consumer complaints

The report details a $2.5 million fine imposed on Platinum Equity-owned Transworld Systems by the Consumer Financial Protection Bureau for illegal student debt collection lawsuits. It further notes that the company has received over 4,600 consumer complaints since its acquisition in 2014 and highlights a prior $3.2 million FTC penalty against its previous parent company, Expert Global Solutions, for violating debt collection laws.

• In September 2017, the Consumer Financial Protection Bureau (CFPB) fined Transworld Systems $2.5 million for illegal student loan debt collection lawsuits that occurred while the company was owned by Platinum Equity. The CFPB alleged that the company filed false and misleading affidavits and sued consumers for debts that clients could not prove were owed.
• Since its acquisition by Platinum Equity in November 2014, Transworld Systems has been the subject of more than 4,600 consumer complaints submitted to the Consumer Financial Protection Bureau.
• Prior to the Platinum Equity acquisition, Transworld Systems' parent company, Expert Global Solutions, paid a $3.2 million civil penalty in July 2013 to settle Federal Trade Commission (FTC) charges. These charges involved violations of the FTC Act and the Fair Debt Collection Practices Act, including calling consumers multiple times daily, calling after being asked to stop, and disclosing debt information to third parties.
• Platinum Equity's governance of Transworld Systems included the presence of its Chief Compliance Officer, Mary Ann Sigler, and former General Counsel, Eva Kalawski, on the company's board from at least 2015 through 2017.

APA

Private Equity Stakeholder Project (2019). Platinum Equity-owned Transworld Systems fined $2.5 million for illegal student debt collection lawsuits, draws thousands of consumer complaints. https://pestakeholder.org/reports/platinum-equity-owned-transworld-systems-fined-2-5-million-for-illegal-student-debt-collection-lawsuits-draws-thousands-of-consumer-complaints/

Chicago

Private Equity Stakeholder Project. Platinum Equity-owned Transworld Systems fined $2.5 million for illegal student debt collection lawsuits, draws thousands of consumer complaints. 2019. https://pestakeholder.org/reports/platinum-equity-owned-transworld-systems-fined-2-5-million-for-illegal-student-debt-collection-lawsuits-draws-thousands-of-consumer-complaints/.

Wikipedia

{{cite report |author=Private Equity Stakeholder Project |title=Platinum Equity-owned Transworld Systems fined $2.5 million for illegal student debt collection lawsuits, draws thousands of consumer complaints |date=31 July 2019 |url=https://pestakeholder.org/reports/platinum-equity-owned-transworld-systems-fined-2-5-million-for-illegal-student-debt-collection-lawsuits-draws-thousands-of-consumer-complaints/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{privateequitystakeholderproject2019platinum, author = {{Private Equity Stakeholder Project}}, title = {{Platinum Equity-owned Transworld Systems fined \$2.5 million for illegal student debt collection lawsuits, draws thousands of consumer complaints}}, institution = {Private Equity Stakeholder Project}, year = {2019}, month = jul, url = {https://pestakeholder.org/reports/platinum-equity-owned-transworld-systems-fined-2-5-million-for-illegal-student-debt-collection-lawsuits-draws-thousands-of-consumer-complaints/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }