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On May 2, 2022, MoneyGram responded to misleading statements made by CFPB Director Rohit Chopra, defending its compliance and consumer protection record. MoneyGram emphasized that it had never been subject to enforcement actions by the CFPB prior to the lawsuit on April 21, 2022. It highlighted that only 0.0001% of transactions led to complaints, and it has invested over $800 million in compliance initiatives. The company clarified it is not aware of any follow-on state investigations and is working toward a merger expected to close in Q4 2022.
MoneyGram (NASDAQ: MGI) has responded to a civil lawsuit from the Consumer Financial Protection Bureau (CFPB) and the New York Attorney General (NYAG), labeling the claims as meritless. The company emphasizes its robust compliance program, having invested over $800 million in consumer protection efforts and achieving recognition from the Department of Justice. MoneyGram asserts that the lawsuit fails to prove consumer harm and highlights its high customer satisfaction ratings. The firm is committed to defending its practices and maintaining its compliance standards.
MoneyGram (NASDAQ: MGI) has reached a final agreement to settle a legacy enforcement matter with the New York Department of Financial Services, agreeing to pay a civil monetary penalty of $8.25 million. This settlement amount aligns with what the company had accrued in Q4 2021. MoneyGram cooperated fully with the investigation and has made significant enhancements to its compliance program, including increased resources for compliance and new procedures for high-risk agents. Since 2012, the company has invested over $800 million in compliance-related initiatives.
MoneyGram International (NASDAQ: MGI) has announced the suspension of its services in Russia amid the ongoing humanitarian crisis in Ukraine. The company is prioritizing the safety of its employees and supporting relief efforts through partnerships, including an emergency grant to the Ukrainian Relief Fund. While its services are suspended in Russia, MoneyGram continues to operate in Ukraine and surrounding countries, allowing customers to send and receive funds as the need for financial assistance increases.
On March 11, 2022, MoneyGram International (MGI) announced a partnership with the Stellar Development Foundation and Techstars to enhance technological innovation in cross-border payments. This initiative aims to support fintech startups focusing on blockchain and digital payments, particularly targeting Latin America. Over the next three years, the program will select up to 12 startups annually for a 13-week accelerator, culminating in a Demo Day presentation to investors. The collaboration aims to improve financial inclusion and leverage blockchain technology for more efficient money transfers.
MoneyGram International (NASDAQ: MGI) reported its fourth quarter and full-year financial results for 2021, highlighting a slight revenue increase to $324.6 million and strong money transfer revenue of $301.9 million. The digital business achieved a $300 million run-rate, with total digital transaction growth of 29%. However, net loss for the year reached $37.9 million, primarily due to non-recurring debt extinguishment expenses. Additionally, MoneyGram announced an acquisition agreement valued at approximately $1.8 billion, with a buyout price of $11.00 per share.
Brodsky & Smith has announced investigations into Preferred Apartment Communities (APTS), MoneyGram International (MGI), and Resonant Inc. (RESN) regarding their acquisition agreements. Preferred Apartment Communities is set to be acquired by Blackstone Real Estate for $25.00 per share, valued at approximately $5.8 billion. MoneyGram will be acquired by Madison Dearborn Partners for $11.00 per share, below its 52-week high of $12.36. Resonant is being acquired by Murata Electronics for $4.50 per share, also below its 52-week high of $7.16. The investigations question potential breaches of fiduciary duties by all three companies' boards.
MoneyGram International (NASDAQ: MGI) has entered into a definitive agreement for private equity firm Madison Dearborn Partners (MDP) to acquire all outstanding shares of MoneyGram for $11.00 per share, totaling approximately $1.8 billion. This represents a 50% premium over MoneyGram's stock price prior to acquisition speculation. The deal is expected to close in Q4 2022, subject to shareholder and regulatory approvals. MDP will also refinance MoneyGram's existing debt of $799 million, while the company will maintain its leadership under Alex Holmes.
MoneyGram International (NASDAQ: MGI) will announce its fourth quarter and full-year 2021 financial results on February 25, 2022. The conference call is scheduled for 9 a.m. ET, featuring CEO Alex Holmes and CFO Larry Angelilli. The announcement will be accessible via their investor relations website. MoneyGram provides global P2P payment solutions, serving over 150 million people in the past five years, emphasizing fintech innovation and collaboration with major brands.
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