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Minnesota's attorney general accused San Diego-based Encore Capital Group of filing "robo-signed" affidavits in debt collection lawsuits, according to Reuters. Encore's stock was down as much as 10.3% yesterday (March 28) but ended the day down 3%. Today, it's down another 2%. Encore is one of the nation's largest debt collection companies, buying debt from credit card companies. "Robo-signing" is a word for the signing of litigation documents without reviewing their contents. On March 11, an Ohio federal judge gave preliminary approval to a $5.2 million class-action settlement of similar claims against an Encore subsidiary, according to Reuters.
Minnesota's attorney general accused San Diego-based Encore Capital Group of filing "robo-signed" affidavits in debt collection lawsuits, according to Reuters. Encore's stock was down as much as 10.3% yesterday (March 28) but ended the day down 3%. Today, it's down another 2%. Encore is one of the nation's largest debt collection companies, buying debt from credit card companies. "Robo-signing" is a word for the signing of litigation documents without reviewing their contents. On March 11, an Ohio federal judge gave preliminary approval to a $5.2 million class-action settlement of similar claims against an Encore subsidiary, according to Reuters.