Press release from Business Wire
The Shuman Law Firm Investigates Encore Capital Group, Inc.
Thursday, May 26, 2011
The Shuman Law Firm Investigates Encore Capital Group, Inc. 21:15 EDT Thursday, May 26, 2011 BOULDER, Colo. (Business Wire) -- The Shuman Law Firm today announced that it is investigating potential claims against certain officers and directors of Encore Capital Group, Inc. (“Encore Capital” or the “Company”) (NASDAQ: ECPG). 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 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 U.S. 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 (collectively, “Midland”) 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. On March 28, 2011, Minnesota's Attorney General, Lori Swanson, announced the filing of a lawsuit against Encore Capital's Midland subsidiary, stating, “Midland has perverted the justice system by filing robo-signed affidavits in court and hounding citizens for debt they don't owe.” If you currently own shares of Encore Capital and are interested in discussing your rights as a shareholder, or have information relating to this investigation, please contact Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Glenn at firstname.lastname@example.org. The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions. The Shuman Law FirmRusty E. Glenn, Esq., email@example.com