Two days after telemarketer MemberWorks Inc. settled a lawsuit in Minnesota for the allegedly improper release of private banking information, it began another multi-million dollar stock repurchase program.
The publicly-held Stamford, CT-based firm, which previously repurchased 1.2 million shares of its stock, said it plans to spend close to $35 million to buy back another million shares to enhance “long-term shareholder value and confidence” in the company, according to Gary Johnson, president/CEO.
Earlier this week, MemberWorks, without admitting any wrongdoing, agreed to pay Minnesota more than $75,000 to resolve Attorney General Mike Hatch’s June 1999 lawsuit against it. That suit charged that in exchange for fees and commissions, U.S. Bank provided MemberWorks with personal information on its customers.
Network
