NCO Group Announces the FTC Approved Settlement of a Previously Announced Claim
2004年5月13日 - 6:01AM
PRニュース・ワイアー (英語)
NCO Group Announces the FTC Approved Settlement of a Previously
Announced Claim HORSHAM, Pa., May 12 /PRNewswire-FirstCall/ -- NCO
Group, Inc. ("NCO" or the "Company") , a leading provider of
business process outsourcing services, announced today that the
Federal Trade Commission ("FTC") approved the settlement offer on
the previously announced claim against the Company for violations
of the Fair Credit Reporting Act ("FCRA"). This claim was related
to the FTC's review of the Company's delinquency date reporting
under section 623(a)(5) of the FCRA, most notably for a large group
of accounts previously reported by the Company on behalf of one of
its clients during 1999. Section 623(a)(5) has since been amended
by Congress to eliminate the liability that was the basis for the
claim. NCO has maintained, and continues to maintain, that it has
complied fully with section 623(a)(5) of the FCRA. In agreeing to
the settlement, NCO has agreed to pay a fine of $1.5 million but
steadfastly denies all allegations. NCO may assert certain claims
for indemnification from the owners of the consumer accounts. NCO's
expected exposure to this claim was included in the results of
operations for the first quarter of 2004. The settlement agreement
with the FTC concludes a review that began nearly six years ago as
part of an industry-wide analysis of compliance with then- recent
amendments to the FCRA signed into law in September 1996. The
review focused on a technical reporting requirement contained in
section 623(a)(5) - a provision requiring nationwide consumer
reporting agencies to be notified of the month and year of the
commencement of a delinquency that precedes an account being
reported. In December 2003, the Fair and Accurate Credit
Transactions Act ("FACT Act") amended and clarified section
623(a)(5) to eliminate liability for accounts receivable management
firms, such as NCO, for reporting the same delinquency date that
was reported by the original creditor. Commenting on the
settlement, Michael J. Barrist, Chairman and Chief Executive
Officer, stated, "Our agreement with the FTC provides for an
acceptable resolution of the FTC's review, particularly as it
relates to accounts of one client that were inaccurately reported
for an approximate ten- month period of time beginning in late 1999
as a result of incorrect information received from our client. NCO
has always made, and continues to make, accurate credit reporting a
top priority. We entered into the settlement in order to avoid
protracted and expensive litigation. We are very pleased that
Congress passed an amendment to Section 623(a)(5) that allocates
clear responsibility for accurate delinquency dates to the original
creditor." NCO Group, Inc. is a leading provider of business
process outsourcing services including accounts receivable
management, customer relationship management and other services.
NCO provides services through over 90 offices in the United States,
Canada, the United Kingdom, India, Barbados and the Philippines.
For further information: At NCO Group, Inc. Michael J. Barrist,
Chairman and CEO Steven L. Winokur, EVP, Finance and CFO (215)
441-3000 http://www.ncogroup.com/ Certain statements in this press
release, including, without limitation, statements as to the impact
of the FTC settlement, statements as to NCO's or management's
beliefs, expectations or opinions, and all other statements in this
press release, other than historical facts, are forward-looking
statements, as such term is defined in the Securities Exchange Act
of 1934, which are intended to be covered by the safe harbors
created thereby. Forward- looking statements are subject to risks
and uncertainties, are subject to change at any time and may be
affected by various factors that may cause actual results to differ
materially from the expected or planned results. In addition to the
factors discussed above, certain other factors, including without
limitation, the risk that NCO will not be able to implement its
business strategy as and when planned, risks related to the ERP
implementation, risks related to the final outcome of the
environmental liability, risks related to past and possible future
terrorists attacks, risks related to the economy, the risk that NCO
will not be able to improve margins, risks relating to growth and
future acquisitions, risks related to the integration of the
acquisitions of RMH Teleservices, Inc. and the minority interest of
NCO Portfolio Management, Inc., risks related to fluctuations in
quarterly operating results, risks related to the timing of
contracts, risks related to international operations, risks
relating to any adverse impact of restating the Company's
historical financial statements and other risks detailed from time
to time in NCO's filings with the Securities and Exchange
Commission, including the Annual Report on Form 10-K for the year
ended December 31, 2003, can cause actual results and developments
to be materially different from those expressed or implied by such
forward-looking statements. The Company disclaims any intent or
obligation to publicly update or revise any forward-looking
statements, regardless of whether new information becomes
available, future developments occur or otherwise. DATASOURCE: NCO
Group, Inc. CONTACT: Michael J. Barrist, Chairman and CEO, or
Steven L. Winokur, EVP, Finance and CFO, both of NCO Group,
+1-215-441-3000 http://www.ncogroup.com/ Web site:
http://www.ncogroup.com/
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