SAN DIEGO, May 12, 2015 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (Nasdaq:ECPG), an international specialty finance company, announced today that Jonathan Clark, Executive Vice President and Chief Financial Officer, and Bruce Thomas, Vice President, Investor Relations, will be meeting with investors at the SunTrust Robinson Humphrey 2015 Financial Services Conference in New York on May 19, 2015.
About Encore Capital Group, Inc.
Encore Capital Group, an international specialty finance company, provides debt recovery solutions for consumers and property owners across a broad range of assets. Through its subsidiaries, the Company purchases portfolios of consumer receivables from major banks, credit unions, and utility providers, and partners with individuals as they repay their obligations and work toward financial recovery. Through its Propel Financial Services subsidiary, the Company assists property owners who are delinquent on their property taxes by structuring affordable monthly payment plans and purchases delinquent tax liens directly from selected taxing authorities. Through its subsidiaries in the United Kingdom, Cabot Credit Management, Marlin Financial Services and Grove Capital Management, the Company is a market-leading acquirer and manager of consumer debt in the United Kingdom and Ireland. Through its Refinancia subsidiary, the Company services distressed consumer debt in Colombia and Peru. Encores success and future growth are driven by its sophisticated and widespread use of analytics, its broad investments in data and behavioral science, the significant cost advantages provided by its highly efficient operating model and proven investment strategy, and the Companys demonstrated commitment to conducting business ethically and in ways that support its consumers financial recovery.
Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol:ECPG) and a component stock of the Russell 2000, the Samp;P SmallCap 600, and the Wilshire 4500. More information about the Company can be found at www.encorecapital.com. More information about the Companys Cabot Credit Management subsidiary can be found at www.cabotcm.com. Information found on the Companys website or Cabots website is not incorporated by reference.
Source: Encore Capital Group
It has baffled me for years. Time and again I see courts give junk debt buyerMidland Funding the benefit of the doubt when it comes to the trustworthiness of their evidence and the testimony of their witnesses at trial despite the fact that Midland often comes into court with partial documents and witnesses who truly dont have a clue as to the accuracy of what they are attesting to.
Why I dont know. Actuallyhellip;I think I do know, or at least have an opinion. My clients are debtors. The owe money that they havent been able to pay back. Regardless of the reason why, they are the contract breachers to some and dishonest or liars to others. And I believe that this view of debtors often spills over into the legal system. Even though in a perfect system it wouldnt, the legal system, after all, is made up of imperfect people.
But the time has come for Arizona courts to stop putting so much trust in the information that Midland Funding is flooding its courts with. Midland Funding files thousands of cases per year in Arizona and thousands more across the country.
Some states have seen Midland Funding for what it is and are fighting back.
Midland Funding, a junk debt buyer, has been exposed time and time again by attorney generals all over the United States as having shoddy and often illegal collection tactics. The most recent strike against Midland Funding (and its sister company Midland Credit Management) is a Consent Order that was signed just a few weeks ago with the New York City Department of Consumer Affairs. Part of this settlement with the with New York City Department of Consumer Affairs requires Midland Funding to pay $670,000 in penalties and costs as a condition of renewal of its license to collect debts in New York City. You can review the Consent Order by clicking HERE.
This comes right on the heals of an action pursued by the Attorney General of New York who pursued Encore Capital Group the parent company of Midland Funding for suing on debts that were beyond the statute of limitations and signing hundreds of affidavits a day without even reviewing the documents they were attesting were correct. In January 2015Encore Capital (Midland Funding) agreed to a settlement with the State of New York where in it agreed to pay a penalty of $675,000 and vacate 4,500 judgments that were obtained after the expiration of the statute of limitations. You can review a copy of the settlement and the finding of the State of New York by clicking HERE.
This action by the State of New York follows actions brought by the attorney generals in West Virginia in 2012 and Minnesota in 2011 for debt collection abuses on the part of Midland Funding.
Midland Funding has been signing off on Consent Orders since 2011 where it promises to stop certain behavior and institute stricter oversight on its debt collection efforts only to have another action brought against it a year later in a different state with the same types of prohibited collection tactics.
Looking at the recent history of Midland Funding provides nothing that should give courts confidence in the information and documentation submitted in the cases that fill their dockets.
Luckily there are safeguards for consumers. The Rules of Evidence, the Rules of Civil Procedure, along with the Fair Debt Collection Practices (FDCPA) are more than adequate to ensure that the consumers are not railroaded by a junk debt buyer with a history of taking advantage of consumers through the court system.
But too often Midland Funding is given the benefit of the doubt when it comes to a strict enforcement of these safeguards and sometimes the Rules are outright ignored because, as one judge told me in open court well, they owe someone, right?.
Blanket affidavits, paperwork with missing pages, falsified affidavits, witnesses that flipped through some documents an hour prior to trial yet testify with absolute certainty as to their accuracy, need to stop.
Debt buyer cases like those filed by Midland Funding often make a mockery of the evidentiary safeguards in place to ensure that a judgment is only entered if a plaintiff can prove its case.
If Midland Funding wants a judgment. Fine. Prove the case in court. But the time has come for courts to stop giving the benefit of the doubt to a junk debt buyer that wrecks havoc in peoples lives and incurs the wrath of attorney generals and regulatory bodies throughout the nation.
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It is difficult for anyone reading the detailed account of the sudden closure of Heald College not to feel empathy with the 900 students whose dreams of a better life have been shattered by the experience. The Post last week related in human terms the impact of the grim end to the once thriving local for-profit vocationally oriented school. Many were in shock, all seemed like their carefully laid hopes and plans were on the rocks.
Corinthian Colleges is a giant nationwide chain that included 28 campuses like Milpitas Heald, Everest and Wyo-Tech. The three also had facilities in Arizona, Hawaii and New York. A total of 16,000 students were affected by the shutdown of the parent company. In November, Corinthian sold off 56 other campuses to the non-profit Educational Credit Management Corp., which immediately cut tuition 20 percent and paid the US government $17.25 million for protection against future lawsuits.
The troubles of many of the for-profit career colleges have been brewing for years. With the necessity to drive up the price of their stock shares by ever-higher profits, many of these institutions wound up using commissioned sales people who lured young people into heavy government-backed student loans with promises of lucrative jobs at the end of the line. Like so many of the scams that marked the terrible housing scandals of the past decade, this type of chicanery was tolerated because everyone was doing good as well as lining their own pockets.
The local tragedy is that the Milpitas Heald campus did a lot of good for a lot of students. It also was one of the most successful of the Heald campuses, with a faculty of 120 dedicated instructors.
NEWPORT BEACH, CA--(Marketwired - May 7, 2015) - PIMCO, a leading global investment management firm, has launched the PIMCO Capital Securities and Financials Fund, which aims to deliver attractive yields relative to traditional fixed income by investing in capital securities, including subordinated bonds, preferred shares and contingent capital instruments issued by financial institutions globally. Philippe Bodereau, Managing Director and Portfolio Manager based in London, and Yuri Garbuzov, Executive Vice President and Portfolio Manager based in Newport Beach, will manage the fund.
The fund follows the successful launch of a similar European fund that has raised over $5 billion. The strategy focuses on bottom-up security selection across banks capital structures and around the globe, helped by a dedicated team of 8 bank and financial credit research analysts and 10 specialist portfolio managers. The strategy also relies on PIMCOs time-tested macro analysis to identify regional investment opportunities and manage downside risks.
PIMCO believes there are compelling opportunities in bank securities that sit lower in the capital structure due to the multi-year deleveraging in the US and European banking sectors and the stricter capital requirements imposed by regulators on large global financial institutions.
The banking sectors strong and improving credit fundamentals and the compelling absolute and relative valuations of bank hybrids should result in attractive long-term total returns for our clients, says Bodereau. This strategy offers potentially higher risk-adjusted returns than equities and high-yield debt by capitalizing on opportunities created by relative value dislocations in the US and in Europe.
Institutional shares of the PIMCO Capital Securities and Financials Fund trade under the ticker symbol PFINX. Additional shares include P shares (PFPNX), A shares (PFANX), D shares (PFDNX) and C shares (PFCNX).
PIMCO is a leading global investment management firm, with offices in 12 countries throughout North America, Europe and Asia. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. Our goal is to provide attractive returns while maintaining a strong culture of risk management and long-term discipline. PIMCO is owned by Allianz SE, a leading global diversified financial services provider.
Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the funds prospectus and summary prospectus, if available, which may be obtained by contacting your investment professional or PIMCO representative or by visiting www.pimco.com/investments. Please read them carefully before you invest or send money.
A word about risk: Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Bank loans are often less liquid than other types of debt instruments and general market and financial conditions may affect the prepayment of bank loans, as such the prepayments cannot be predicted with accuracy. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrowers obligation, or that such collateral could be liquidated. High yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Investments in illiquid securities may reduce the returns of a portfolio because it may be not be able to sell the securities at an advantageous time or price. Equities may decline in value due to both real and perceived general market, economic and industry conditions. Derivatives may involve certain costs and risks, such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Diversification does not ensure against loss.
This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registered trademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLC, respectively, in the United States and throughout the world. PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO. 2015 PIMCO.