ASTA FUNDING, INC. (NASDAQ:ASFI) Files An 8-K Other EventsItem8.0Other Events.
On November 7, 2017, in connection with the previously-disclosed lawsuit in Montana state court alleging fraud and abuse of process arising from Asta Funding, Inc.’s (the “Company”) business relationship with an entity that finances divorce litigation proceedings, the Montana Eighteenth Judicial District Court in Gallatin County granted the plaintiff’s default judgment against the Company, Gary Stern and Louis Piccolo. The Company is currently assessing its obligations to the lawsuit and its next legal steps, including the filing of a motion to set aside or, in the alternative, to vacate, the default judgment. The plaintiff is seeking unspecified damages, which the Company contests.
About ASTA FUNDING, INC. (NASDAQ:ASFI)
Asta Funding, Inc. is primarily engaged in the businesses of acquiring, managing, servicing and recovering on portfolios of consumer receivables. The Company operates through four segments: Consumer Receivables, Personal Injury Claims, Structured Settlements and GAR Disability Advocates. The Consumer receivables segment is engaged in purchasing, managing for its own account and servicing distressed consumer receivables, including charged off receivables, semi-performing receivables and performing receivables. The Personal injury claims segment includes the operations of its subsidiary, Pegasus Funding, LLC. The Structured settlements segment includes the operations of CBC Settlement Funding, LLC (CBC). The GAR Disability Advocates segment includes the operations of GAR Disability Advocates, LLC (GAR Disability Advocates). GAR Disability Advocates is a social security benefit and disability advocacy group.