Encore Enters Settlement Agreement with 42 States and the District of Columbia
Settlement will cause no material impact to the business
Reserves put in place in 2015 will cover monetary terms
“Several years ago, we began discussions with various attorneys general, which ran in parallel to our discussions with the
This settlement will cause no material impact to the business. The funds for it were fully reserved in 2015 in connection with the company’s settlement with the CFPB. The terms of the agreement include a one-time cash payment of
“We believe today’s settlement, and the CFPB agreement before it, actually strengthen our competitive position, as they’ve set the standard for the entire sector. We are well positioned to continue our industry leadership in this regulatory environment,” continued Masih.
Encore continues to be one of the most consumer-centric companies in the business. Its people work with consumers to provide tailored solutions to help them manage their financial obligations and move toward a better life. It is the first and only company in its industry to operate with a Consumer Bill of Rights, which was adopted in 2011 and further strengthened in 2016.
Forward Looking Statements
The statements in this press release that are not historical facts, including, most importantly, those statements preceded by, or that include, the words “will,” “may,” “believe,” “projects,” “expects,” “anticipates” or the negation thereof, or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). These statements may include, but are not limited to, statements regarding our future operating results, performance, business plans or prospects. For all “forward-looking statements,” the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are discussed in the reports filed by the Company with the
SVP, Corporate and Government Affairs
VP, Investor Relations
Source: Encore Capital Group Inc