Encore Capital Group, Inc. (Encore), an international specialty finance company (NASDAQ: ECPG), Tuesday announced that it has closed its acquisition of a controlling stake in Grove Capital Management, a management company that purchases credit portfolios and has a focus on UK insolvencies and Spanish assets. The acquisition has received regulatory approval from the Financial Conduct Authority in the UK.
In the latest exchange in an increasing arms race among public U.S. debt buyers, Encore Capital Group said it acquired a controlling stake in a debt purchaser in Latin America and a UK-based firm that handles bankruptcies in that country.
Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a financial and business services company operating in the U.S. and U.K., today announced the acquisition of certain operating assets from Pamplona Capital Management, LLP (PCM).
Of the Top 50 Creditors listed in bankruptcy filings for 2013, 15 were debt buyers and/or collection agencies. Accounts receivable management firms were named in 16 percent of listings attributed to the Top 50 organizations.
Bankruptcy filings totaled 1,032,326 nationwide for calendar year 2013, a 13 percent decrease from the 1,186,137 total filings in calendar year 2012, according to the American Bankruptcy Institute (ABI).
The New York Times Thursday ran a lengthy investigative report on one of the largest student loan guaranty agencies in the country and their practices related to rare bankruptcy petitions to expunge student loans.
An FDCPA case dismissal was heard earlier in the year by the Sixth Circuit Court of Appeals. The appellate panel recently decided the case, upholding the dismissal of the case brought by a consumer against a debt collector, but finding some issue with one of the reasons.
The Commercial Law League of America has named its annual honorees for its two most prestigious awards: the Lawrence P. King Award and Robert E. Caine Leadership Award.
TECH LOCK, Inc. announces Phin Solutions, Inc. has achieved the ARM Industry Gold compliance standard, TECH LOCK® Certified.
The Consumer Financial Protection Bureau Tuesday filed a lawsuit against a debt relief firm for charging illegal upfront fees and deceiving consumers. The suit is notable because just last month the firm, Morgan Drexen, was a party to a lawsuit filed against the CFPB that challenged the regulator’s authority to request certain information.