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FDIC: CompuCredit to pay $114 mln in marketing case

Fri Dec 19, 2008 1:03pm EST

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WASHINGTON, Dec 19 (Reuters) - CompuCredit Corp (CCRT.O) has agreed to pay $114 million in restitution to consumers to settle charges it deceptively marketed subprime credit cards, the Federal Deposit Insurance Corp said on Friday.

The FDIC said the credit card company would give consumers credits for certain fees arising from the marketing practices. The order with the FDIC also includes a civil money penalty of $2.4 million, the agency said.

CompuCredit did not admit or deny liability as part of the settlement. (Reporting by Karey Wutkowski)



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