Acima Leasing, a leading provider of lease-to-own solutions and a business of Upbound Group, Inc., has announced the voluntary dismissal with prejudice of the lawsuit filed against it by the U.S. Consumer Financial Protection Bureau (CFPB). The dismissal brings an end to a longstanding matter and litigation, following a multi-year investigation by the CFPB.
As a result of the dismissal, Acima will not be required to pay any money, change any business practices, or be subject to any injunctive or other relief. This marks the conclusion of the CFPB's challenge to the alleged business practices that were the subject of its investigation and lawsuit. Acima had vigorously disputed the CFPB's allegations, contending that the investigation and lawsuit constituted an illegal attempt to expand the CFPB's authority as limited by federal law.
Mitchell Fadel, Chief Executive Officer of Upbound, expressed appreciation for the CFPB's recognition that it was appropriate to dismiss the lawsuit and bring the matter to an end. He emphasized Acima's dedication to serving its customers with transparency, fairness, and compliance with applicable laws, and the company's commitment to providing best-in-class solutions.
Upbound Group, Inc. is a technology and data-driven leader in accessible and inclusive financial solutions, with customer-facing operating units including industry-leading brands such as Acima®, Brigit™, and Rent-A-Center®. The company facilitates consumer transactions across a wide range of store-based and digital channels, including over 2,300 company-branded retail units across the United States, Mexico, and Puerto Rico.
For additional information about Upbound Group, Inc., please visit their website. Following these announcements, the company's shares moved 1.0%, and are now trading at a price of $25.04. Check out the company's full 8-K submission here.
