On Tuesday morning, Heartland Payment Systems President and CFO, Bob Baldwin, stated during a conference call:
Today, we have had several lawsuits filed against us and we expect that additional lawsuits will be filed. We are also the subject to several governmental investigations and enquiry , including an informal enquiry by the SEC and a related investigation by the Department of Justice, an inquiry by the OCC, and an inquiry by the FTC, and we may, in the future, be subject to other governmental enquiries and investigation.
As of this afternoon, I see 16 lawsuits for individual or class action as well as the following lawsuits by banks and credit unions in various federal district courts:
- Amalgamated Bank, Matadors Community Credit Union, GECU, MidFlorida Federal Credit Union, and Farmers State Bank v. Heartland Payment Systems, Inc.
- Lone Star National Bank, N.A. v. Heartland Payment Systems, Inc.
- TriCentury Bank v. Heartland Payment Systems, Inc.
- Lone Summit Bank v. Heartland Payment Systems, Inc.
More will almost undoubtedly follow.