Two law firms voluntarily withdrew a class-action lawsuit filed against TRM Corp., the nation's second-largest ATM independent sales organization, three months after taking the legal action. A U.S. District Court in Portland, Ore., where TRM is based, dismissed the case without prejudice, meaning the law firms could refile the legal action in the future. The law firms¬–Coughlin Stoia Geller Rudman & Robbins LLP and Stoll Stoll Berne Lokting & Shlachter PC–dropped the lawsuit on behalf of plaintiff, Lawrence F. Hardtke, who filed the lawsuit May 23. The law firms charged in their complaint that former TRM executive officers violated federal securities laws by issuing misleading statements concerning TRM's financial condition. Richard Stern, TRM president and CEO, referred calls from ATM&Debit News, a CardLine sister publication, to Mike Dolan, the company's chief financial officer. Dolan did not return a call for comment  by CardLine's deadline. A spokesperson for one of the law firms provided ATM&Debit News with a copy of the dismissal, but he referred questions to the other law firm, which did not return calls.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry