Business
Legacy Education Alliance, Inc. Announces Settlement of Credit Card Reserve Account Litigation
Legacy Education Alliance, Inc. Announces Settlement of Credit Card Reserve Account Litigation.
About this update from Legacy Education Alliance, Inc.
[{"type":"text","content":"\n \n Legacy Education Alliance, Inc. (OTCQB: LEAI) (www.legacyeducationalliance.com), \n a leading international provider of practical, high-quality, and \n value-based educational training on the topics of personal finance, \n entrepreneurship, real estate, and financial markets investing \n strategies and techniques, announced today that it will receive an \n aggregate sum of Five Million Dollars ($5,000,000.00) to settle \n litigation brought to recover funds withheld from Legacy in connection \n with the processing of credit card sales from 2007 through 2011.\n \n \n Under the terms of the settlement agreement entered into on October 31, \n 2017, Legacy will receive $5 million from Cynergy Holdings, LLC, Bank of \n America, N.A., BA Merchant Services, LLC, BMO Harris Bank, N.A., and \n Moneris Solutions, Inc. (“Defendants”).\n \n \n “We are pleased that we have been able to successfully resolve this \n matter on terms that are favorable to the Company and its shareholders \n without the uncertainty and additional expense of further litigation,” \n said Anthony C. Humpage, Chief Executive Officer of LEAI. “The money \n received from this settlement will provide additional capital to support \n our strategy of growth through brand and geographic diversification, \n support our continued on-line initiatives, as well as significantly \n improve our overall balance sheet. We are pleased to have achieved this \n result for our shareholders, employees and customers.”\n \n \n As part of the settlement, Legacy has agreed to dismiss the litigation \n currently pending in the Supreme Court of the State of New York, County \n of Queens without admission of wrongdoing on the part of any party.\n \n \n For more information on the terms of the settlement, please refer to the \n Current Report on Form 8-K filed by the Company with the Securities and \n Exchange Commission.\n \n \n About Legacy Education Alliance Inc.\n \n \n Legacy Education Alliance, Inc. (http://www.legacyeducationalliance.com) \n is a leading international provider of practical, high-quality, and \n value-based educational training on the topics of personal finance, \n entrepreneurship, real estate, and financial markets investing \n strategies and techniques. Legacy Education Alliance was founded in \n 1996, today we are a global com...