Press release from Business Wire
Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Encore Capital Group, Inc.
Tuesday, March 29, 2011
Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Encore Capital Group, Inc.21:34 EDT Tuesday, March 29, 2011 BENSALEM, Pa. (Business Wire) -- Law Offices of Howard G. Smith announces that it is investigating potential claims against Encore Capital Group, Inc. (“Encore Capital” or the “Company”) (NASDAQ:ECPG) concerning possible breaches of fiduciary duties by the Company or its fiduciaries. Encore Capital purchases and manages charged-off consumer receivable portfolios, including unsecured, charged-off domestic consumer credit cards, auto loan deficiency, and telecom receivables purchased from national financial institutions, major retail credit corporations, telecom companies and resellers. The Company, through its subsidiary Ascension Capital Group, Inc. also provides bankruptcy services to the finance industry. The investigation concerns allegations that the Company's business practices violated consumers' rights, including violations of the Fair Debt Collection Practices Act (FDCPA) and comparable state statutes. On February 14, 2011, the Company disclosed that it has reached an agreement in principal to settle for approximately $5.2 million a class action lawsuit filed May 19, 2008, in the United States District Court for the Northern District of Ohio which alleged that the business practices of the Company's subsidiaries Midland Credit Management, Inc. and Midland Funding LLC violated consumers' rights under the FDCPA and the Ohio Consumer Sales Practices Act. On November 2, 2010 and December 17, 2010 two national class action lawsuits were filed in the United States District Court for the Southern District of California alleging that the Company's subsidiaries violated the Telephone Consumer Protection Act by calling consumers' cellular phones without their prior express consent. If you purchased Encore Capital stock and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com. Law Offices of Howard G. SmithHoward G. Smith, Esquire215email@example.com