Original Message:
Related -- News from Attorney General Eric T. Schneiderman (by Chris V.):
kyliec wrote:News from Attorney General Eric T. Schneiderman FOR IMMEDIATE RELEASE October 15, 2014 New York City Press Office / 212-416-8060 Albany Press Office / 518-473-5525 nyag.pressoffice@ag.ny.gov Twitter: @AGSchneidermanA.G. SCHNEIDERMAN ANNOUNCES AGREEMENTS WITH MAJOR HOSPITALITY COMPANIES TO PROTECT NEW YORKERS FROM MISLEADING TIMESHARE PRACTICES
Hilton Resorts Corporation And Wyndham Vacation Resorts, Inc., Separately Agree To End Potentially Misleading Practices That Fail To Protect Consumers
Schneiderman: My Office Is Committed To Protecting Purchasers Of Timeshares And Working With Industry Leaders
NEW YORK – Attorney General Eric T. Schneiderman today announced that he has reached a pair of agreements with two leading hospitality companies - Hilton Resorts Corporation and Wyndham Vacation Resorts, Inc. – that will help protect purchasers of timeshares from potential deception and confusion.
“The purchase of an interest in a timeshare can be a confusing and expensive proposition,” Attorney General Schneiderman said. “I am pleased to announce that these two industry leaders have agreed to make policy changes that will benefit and protect consumers. With their cooperation, we are making the timeshare industry safer, more transparent, and more accessible to investors.”
In the first agreement, Hilton agreed to stop using a clause in its timeshare purchase agreement that disclaimed responsibility for specific representations made by salespeople, particularly regarding the availability of reservations, hotel use rights, and the rental, resale, and buybacks of timeshare interests.
In the second agreement, Wyndham agreed to stop offering reservation certificates, which allow members of its internal timeshare exchange program to make advance reservations at a timeshare hotel known as Midtown 45, prior to the acceptance for filing of the Midtown 45 offering plan. These certificates were given to purchasers of timeshares in other Wyndham properties, and they led some of those consumers to believe they were purchasing an interest in the Midtown 45 timeshare.
Sellers of timeshares are subject to New York’s Martin Act, which makes it unlawful to offer and sell timeshare interests in or from New York State without first having an offering plan or prospectus accepted for filing by the Attorney General’s Real Estate Finance Bureau. The law also makes it illegal to make representations in the sales process that are contradictory to the disclosures contained in the offering plan or prospectus.
The agreements come as the Attorney General’s Office continues to investigate sales and marketing practices of another timeshare company, known as the Manhattan Club. In July, the Attorney General obtained a court order preliminarily barring sales at the Manhattan Club pending an investigation into that company. More information about the investigation is available here.
The negotiations with Hilton and Wyndham were conducted by Assistant Attorney General Serwat Farooq, Deputy Chief Andrew H. Meier, and Bureau Chief Erica F. Buckley, all of the Real Estate Finance Bureau, as well as Executive Deputy Attorney General for Economic Justice Karla G. Sanchez. ###
where it says "click here" for info on the lawsuit, this is stale news from july 25, 2014. where can we shareholders find the NYSAG'S/MANHATTAN CLUB LITIGATION NEWS that is much more current than the aforementioned july 25 summation? hey gang, it's october 15! unless i missed something between july and now, WE'RE STILL IN THE DARK, and our future plans/actions concerning THE MANHATTAN CLUB are still up in the air. without this information we're still MANHATTAN CLUB VICTIMS of alleged fraudulent schemes that they've been able to bandy about without penalty. WHAT GIVES MR SCHNEIDERMAN? KEEP US POSTED. without your intervention we're still being squashed and defrauded. KNOWLEDGE IS POWER, and you're in a position to offer shareholders information which might empower us to get what we paid for (and are continuing to pay for through the exorbitant maintenance fees, and unavailable or difficult-to-get reservations) from THE MANHATTAN CLUB.