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Advance America, Cash Advance Centers, Inc.
Advance America Announces Settlement in Georgia and the Closing of 24 Centers in New Hampshire
March 1st, 2009
Advance America, Cash Advance Centers, Inc. (NYSE:AEA) announced that it has settled a class action lawsuit in Georgia that resolves all claims against the Company in connection with originating, marketing, or servicing any loan in that state. The settlement, which does not involve any finding of wrongdoing, requires final approval from the State Court of Cobb County, Georgia. The Company had previously suspended operations in Georgia during 2004. If approved, the settlement will require the Company to make a minimum payment of approximately $2.0 million from which (1) a settlement pool will be established to pay claims; and (2) attorney fees and other costs related to...
Source: Pharma Investments, Ventures & Law Weekly (2009-03-01)
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