Billing Services makes another payment to the FTC

Telecommunications clearing and financial settlement products provider Billing Services Group made another payment towards its settlement with the Federal Trade Commission on Friday.

The AIM-traded firm confirmed the payment was its sixth, and totalled $0.52m, leaving a remaining balance of $2.1m.

It had initially announced the settlement in May 2016, after reaching a “mutually agreeable resolution” with the FTC for litigation which was pending before the US District Court in Texas.

The company said the settlement resolved issues related to a business in which it had not been involved since 2012.

“Under the terms of the agreement, among other commitments, BSG will pay the FTC a total of $5.2m for consumer redress in ten equal quarterly installments,” the board said at the time.

“In return, the FTC has agreed to release BSG from all claims related to enhanced services billing.

“No interest is payable in connection with this amount, and the company may prepay the amount, in whole or in part, at any time without premium or penalty.”