Hagens Berman LLP Announces Investigation Of Prepaid Debit Card Companies

Hagens Berman today announced that it is investigating potential claims against five prepaid debit card companies, including First Data Corporation, Green Dot Corporation (NYSE: GDOT), Account Now, Inc., Netspend Holdings Inc. (NASDAQ: NTSP) and Unirush Financial Services, LLC after the Office of the Attorney General of Florida issued subpoenas challenging whether the companies misled consumers regarding hidden fees, or engaged in other deceptive practices.

Prepaid debit cards, once loaded with funds, can be used to withdraw money from ATMs or purchase items, just like any other debit card. They are, however, not associated with any bank account and are instead loaded with funds in advance.

Hagens Berman is investigating whether these illegal practices exist in other states beyond Florida.

“These cards -- often marketed to those who don’t have access to traditional bank accounts – do provide convenience for consumers,” said Managing Partner Steve Berman, who is leading the firm’s investigation. “However, these card issuers have an obligation to be transparent about the fees they charge, something that now is clearly in question.”

Hagens Berman is interested in talking to consumers who used a prepaid debit card and feel that the company providing the card failed to disclose hidden fees or otherwise misrepresented the card’s features.

Consumers can contact the Hagens Berman legal team via email at PrepaidDebitCards@hbsslaw.com. Consumers can also contact the firm by calling (206) 623-7292. Additional information is available at www.hbsslaw.com/prepaiddebitcards.

About Hagens Berman

Seattle-based Hagens Berman Sobol Shapiro LLP is one of the top class-action law firms in the nation, with offices in Boston, Chicago, Colorado Springs, Los Angeles, Minneapolis, New York, Phoenix, San Francisco and Washington, D.C. Founded in 1993, we represent plaintiffs in class actions and multi-state, large-scale litigation that seek to protect the rights of investors, consumers, workers and whistleblowers. More information about the firm is available at www.hbsslaw.com.

Copyright Business Wire 2010

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