CPI Card Group Announces Settlement of Derivative Action
CPI Card Group Inc. (“CPI”), a payment technology company and leading provider of credit, debit and prepaid solutions, announced an agreement to settle a derivative action filed against certain of CPI’s directors and officers and CPI, as a nominal defendant, in the US District Court for the District of Delaware.
Under the settlement, CPI agreed to implement certain corporate governance modifications. In addition, fees and expenses awarded to the plaintiff’s counsel will be fully paid by CPI’s insurers. There is no further monetary settlement. The settlement will resolve all claims that were or could have been asserted in the litigation, and CPI and the directors and officers of CPI named as defendants denied and continue to deny any liability or wrongdoing in connection with the allegations contained in the lawsuit. The derivative action was filed in late 2017 and related to CPI’s initial public offering in 2015.
CPI Card Group is a payment technology company and leading provider of credit, debit and prepaid solutions delivered physically, digitally and on-demand. CPI helps our customers foster connections and build their brands through innovative and reliable solutions, including financial payment cards, personalization and fulfillment, and Software-as-a-Service (SaaS) instant issuance. CPI has more than 20 years of experience in the payments market and is a trusted partner to financial institutions and payments services providers.