5 May 2016 07:00
NEWS RELEASE For Immediate Release
May 4, 2016
Billing Services Group Limited
("BSG" or the "Company")
Settlement with the Federal Trade Commission ("FTC")
BSG, a leading provider of telecommunications clearing and financial settlement products, Wi-Fi data solutions and verification services, announces today that it has reached a mutually agreeable resolution with the FTC of litigation pending before the United States District Court for the Western District of Texas captioned FTC v. Hold Billing Services, Ltd., et al. This settlement resolves issues related to a business in which BSG has not been involved since 2012. This settlement is pending court approval.
Under the terms of the agreement, among other commitments, BSG will pay the FTC a total of $5.2 million for consumer redress in ten equal quarterly installments. In return, the FTC has agreed to release BSG from all claims related to enhanced services billing. No interest is payable in connection with this amount, and the Company may prepay the amount, in whole or in part, at any time with no premium or penalty.
BSG is pleased to have reached resolution with the FTC on this matter and looks forward to focusing its efforts on its current and future business endeavors.
Inquiries:
Billing Services Group Limited +1 210 949 7000
Norm Phipps
finnCap Limited +44 (0)20 7220 0500
Stuart Andrews/Scott Mathieson
BSG Media Relations +1 210 326 8992
Leslie Komet Ausburn
About BSG:
BSG has locations in San Antonio, Texas, USA and Aldermaston, United Kingdom and is traded on the London Stock Exchange (AIM: BILL). For more information on BSG, visit www.bsgclearing.com.