FLEETCOR to Appeal Ruling in FTC Case

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FLEETCOR strongly disagrees with the ruling on liability, which the Company believes was reached prematurely.

Metadata
Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Wednesday, August 10, 2022
Information
Tags: 
Professional Services, Data Management, Data Analytics, Technology, Mobile, Wireless, Software, Networks, Company, FLEETCOR, FTC, Federal Trade Commission, NYSE, Fleetcor, Insurance
Geotags: 
UNITED STATES, NORTH AMERICA, GEORGIA, ASIA, EUROPE, LATIN AMERICA
⚠ generated by AI ↴
Organisation: 
FLEETCOR®
Stock Symbol: 
NYSE:FLT
Summary
Key Points: 
  • FLEETCOR strongly disagrees with the ruling on liability, which the Company believes was reached prematurely.
  • Beginning in 2017, FLEETCOR voluntarily cooperated with the FTC and implemented enhanced disclosures addressing the concerns raised by the FTC.
  • FLEETCOR takes governance and oversight matters seriously and is confident it has acted in accordance with all applicable laws, said Steven Stull, Lead Independent Director.
  • The Board fully supports the Company and Ron Clarke in their efforts to overturn this ruling.


FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today announced that it will appeal the August 9, 2022 decision by the Northern District of Georgia regarding the Federal Trade Commission (FTC) lawsuit involving its fuel card business in the U.S.

While the court granted the FTC's motion for summary judgment as to liability for the Company and its CEO, the court ruled in the Company’s favor denying the FTC’s claim for monetary relief.

FLEETCOR strongly disagrees with the ruling on liability, which the Company believes was reached prematurely.

Beginning in 2017, FLEETCOR voluntarily cooperated with the FTC and implemented enhanced disclosures addressing the concerns raised by the FTC. The Company has seen no material business impact or change in customer behavior as a result of these changes.

“FLEETCOR takes governance and oversight matters seriously and is confident it has acted in accordance with all applicable laws,” said Steven Stull, Lead Independent Director. “The Board fully supports the Company and Ron Clarke in their efforts to overturn this ruling.”

About FLEETCOR®

FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that helps businesses spend less by providing innovative solutions that enable and control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.

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