Alliance Data Systems Corp. announced Friday it has proposed to settle a class action lawsuit its stockholders filed against it in May 2007 by paying the plaintiffs $380,000 for their attorney fees, says a spokesperson with the Dallas-based transaction processor. The 68th Judicial Court of Dallas County, Texas, has scheduled a hearing July 28 to consider the proposed settlement. The shareholders filed the lawsuit in response to an acquisition agreement Alliance Data reached with Blackstone Capital Partners. Ultimately, Blackstone backed out of the proposed purchase of Alliance Data (CardLine, 4/24). Alliance Data then filed a lawsuit to collect a $170 million "business-interruption fee" from the New York-based investment company.
Authoritative analysis and perspective for every segment of the payments industry
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