|  | | 2004 News and Press Releases | | |
SETTLEMENT NEWS:
Pre-Paid Legal Services Announces Favorable Litigation Developments
Canada NewsWire
. November 3, 2004
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EXCERPT: Pre-Paid Legal Services, Inc. today announced favorable developments in two lawsuits filed against the Company and certain of its executive officers. On June 29, 2001, an action was filed against Pre-Paid in the District Court of Canadian County, Oklahoma. The action was originally a putative class action brought by former and current sales associates. The amended petition, filed in 2002, seeks injunctive and declaratory relief, with other damages, for alleged violations of the Oklahoma Uniform Consumer Credit Code in connection with Pre-Paid's commission advances, and seeks injunctive and declaratory relief regarding the enforcement of certain contract provisions with sales associates, including a request for the imposition of a
constructive trust as to earned commissions applied to the reduction of debit balances and disgorgement of all earned renewal commissions applied to the reduction of debit balances. On September 23, 2003 the trial court entered an order dismissing the class action allegations upon the motion of the plaintiffs. On December 4, 2003, Pre-Paid filed a motion for summary judgment. On November 2, 2004, the trial court issued a Memorandum Order finding Pre-Paid's motion for summary judgment to be meritorious and granting judgment in favor of Pre-Paid on all claims. "Subject to plaintiffs' right to pursue an appeal, this order ends this lawsuit," stated Pre-Paid Chairman and CEO Harland C. Stonecipher. |
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