There's a merger in the collections industry, with Asset Acceptance Capital (AACC) selling itself to Encore Capital (ECPG) for $6.50/share in either cash or stock. AACC +10.9% premarket. "(This) moves our industry into a new phase of maturity defined by more efficient companies that are committed to operating ethically and treating customers with respect." (PR)
The FTC fines debt collector Asset Acceptance (AACC) $2.5M, the second-largest penalty ever levied by the agency as it steps up its crackdown on illegal practices in the industry. Asset's sins included allegedly tricking borrowers into paying debts they didn't legally need to.