The largest U.S. debt-settlement services provider said on Thursday it would “vigorously contest” a lawsuit filed against it by the U.S. Consumer Financial Protection Bureau.
WASHINGTON (Reuters) – The largest U.S. debt-settlement services provider said on Thursday it would &ldquo-vigorously contest&rdquo- a lawsuit filed against it by the U.S. Consumer Financial Protection Bureau.
In a statement, the company, Freedom Debt Relief, said the federal regulator &ldquo-fundamentally misunderstands&rdquo- its business and erred in accusing it of deceiving consumers in a lawsuit filed on Wednesday.
&ldquo-Freedom Debt Relief&rsquo-s business practices are legally compliant, highly ethical and serve the needs of our customers, saving them millions of dollars over what they would otherwise be required to pay,&rdquo- the company said.
In a lawsuit filed against the company and co-Chief Executive Andrew Housser, the CFPB charged that the company misled consumers about the services it provides, the fees its charges, and what rights consumers have in the debt-settlement process.
The agency is seeking compensation for affected consumers, civil penalties, and an injunction against the San Mateo, California-based company and Housser to end any unlawful conduct.
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