Class Action Lawsuit Filed Against Woodforest National Bank and Merchants' Choice Payment Solutions Alleging Fraud and Overbilling
PAYSAFE GROUP PLC ORDINARY SHARES (NVAFF)
NASDAQ:AMEX Investor Relations:
paysafe.com/investors-info
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Source: PR Web
HOUSTON (PRWEB) December 23, 2017 Atlanta-based law firm Webb, Klase & Lemond, LLC and Houston-based law firm Meade & Neese LLP have filed a class action lawsuit against Woodforest National Bank ("Woodforest Bank") and its former payment processing affiliate Merchants' Choice Payment Solutions ("Merchants' Choice") alleging they perpetrate a widespread fraudulent scheme of inducing small businesses to enroll in their services through a telephone fraud ring. Merchants' Choice is one of the largest payment processors in the country, with 70,000 merchants signed up.The Class Action Complaint states that Woodforest Bank sold Merchants' Choice for $470 million to Paysafe Group, PLC in August of 2017, but the claims in the lawsuit extend back several years pursuant to the applicable statutes of limitations. The price paid for Merchants' Choice equaled nearly $7,000 per merchant customer. After the Merchants' Choice purchase, Paysafe Group, PLC agreed to be purchased by a consortium led
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