NORFOLK, Va., Nov 11, 2019 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced that its subsidiary, Portfolio Recovery Associates, LLC, reached a settlement with the Massachusetts Office of the Attorney General, ending a more than four-year investigation.
"PRA has fully and voluntarily cooperated with the Attorney General and her office throughout this matter. We deny that PRA's practices violate Massachusetts or federal law, along with any notion that we targeted vulnerable customers. We have agreed to these settlement terms in order to resolve this matter, avoiding both further cost and delay associated with legal action," said Kevin Stevenson, president and chief executive officer. "While we were both surprised and disappointed to see some of the Attorney General's public comments and characterizations of this matter, we are pleased that we have reached an agreement that provides for enhanced communication and disclosures with our customers."
"Treating consumers with respect while lawfully collecting their valid debts continues to be PRA's mission, as it has been for over 23 years. This concept of respectful treatment is foundational to our company and sets the standard for business practices in our industry. Despite today's public statements to the contrary, this settlement memorializes our longstanding focus on the consumer, and we look forward to putting this matter behind us," Stevenson said.
As previously disclosed, the company had fully accrued for the settlement; as such, there was no material adverse effect on the company's business, results of operations or financial condition.
About PRA Group
As a global leader in acquiring and collecting nonperforming loans, PRA Group returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe. With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.
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SOURCE PRA Group