Missouri Supreme Court Declines to Hear AG’s Appeal of Lawsuit Against Portfolio Recovery Associates

Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a specialized financial and business services company and market leader in the consumer debt purchase and collection industry, announced that on Tuesday, Dec. 6, 2011, the Missouri Supreme Court declined to hear the Missouri Attorney General’s appeal of the earlier decision of the Missouri Court of Appeals in the case of State of Missouri v. Portfolio Recovery Associates, Inc. et al.

In April, the Court of Appeals upheld the decision of a lower court to dismiss the lawsuit by the Missouri Attorney General against PRA’s subsidiary, Portfolio Recovery Associates, LLC. The case, which alleged that PRA and Portfolio Recovery Associates, LLC violated Missouri’s Merchandising Practices Act by engaging in unfair debt collection practices, was previously dismissed by the Circuit Court of the City of St. Louis in June 2010.

Portfolio Recovery Associates, Inc. (PRA) is a specialized financial and business services company. A market leader in the consumer debt purchase and collection industry, PRA also provides through its subsidiaries a broad range of fee-based services, including revenue enhancement for local governments; vehicle location, skip-tracing and collateral recovery for auto lenders; and filing of class action claims on behalf of institutional investors and non-securities clients. PRA has a longstanding culture of compliance, engaging collaboratively with its more than 27 million customers to create realistic, affordable repayment plans. The Company has operations in 10 states, and more than 2,500 employees.