SAN DIEGO, Feb. 26, 2013 /PRNewswire/ -- Encore Capital Group, Inc. (Nasdaq: ECPG), through its subsidiaries (the "Company"), a leading provider of debt management and recovery solutions for consumers and property owners across a broad range of assets, addressed today's Sixth Circuit court decision which remanded the class action settlement in Vassalle, et al. v. Midland Funding LLC, et al. back to the U.S. District Court in Ohio for further proceedings.
In the decision, the Sixth Circuit left in place the repeated holdings of the U.S. District Court that Midland's affidavits accurately stated the class members' obligations and that no class members incurred actual damages as a result. The same trial court also oversaw a process which recently determined that Midland's procedures are sound and designed to produce affidavits that accurately describe the underlying debts.
Greg Call, senior vice president and general counsel of Encore Capital, said, "We are confident in the work that has been done to date to resolve this case fairly, and will continue to work with the trial court to address the issues raised by the Sixth Circuit. It's important to note that throughout this process, the validity of the underlying debt and the consumer's financial obligation to repay it have never been called into question."
Midland took steps to correct the underlying issue years ago, and has continued to build on its commitment to operating with integrity and treating consumers with the respect they deserve. This is reflected in Midland's industry-leading Consumer Bill of Rights, which clearly outlines the company's commitment to conduct business ethically, engage in respectful dialogue with consumers, and play a positive role in their financial recovery. ( http://www.encorecapital.com/wp-content/uploads/2011/06/ECPG-Consumer-Bill-of-Rights-English.pdf)About Encore Capital Group, Inc. Encore Capital Group is a leading provider of debt management and recovery solutions for consumers and property owners across a broad range of assets. Through its subsidiaries, the Company purchases portfolios of consumer receivables from major banks, credit unions, and utility providers, and partners with individuals as they repay their obligations and work toward financial recovery. Through its Propel Financial Services, LLC subsidiary, the Company assists property owners who are delinquent on their property taxes by structuring affordable monthly payment plans.
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