Asset Acceptance, LLC is a leading purchaser and collector of charged-off consumer debt. It is one of the oldest and largest debt buyers, opening its doors in 1962, and listed on the NASDAQ stock exchange. Asset Acceptance typically buys debt on a “forward flow basis”, which means that a commitment is made to a bank or other credit card issuer, to make a series of scheduled purchases at defined intervals over time. These purchases may consist of thousands of accounts for prices in the tens of millions of dollars.
Asset Acceptance, located in New York, uses several California law firms to collect its debt in California. Most of Asset’s debt collection lawsuits, however, are filed by Fulton, Friedman & Gullace, a New York firm with a (small) satellite office in Concord, CA. Asset Accepetance will also use other law firms on occasion such as Brewer & Brewer, Gordon & Wong, and the Legal Recovery Law Offices of Mark Walsh. Of these, the first two are located in northern CA, while the Walsh law office is in San Diego. The location of the Plaintiff and its attorneys is significant factor driving settlement in debt collection lawsuits. Getting to a courthouse for trial costs time and money – especially for a New York based company such as Asset Acceptance. It simply cannot afford to send employees to CA to testify in every one of its hundreds, perhaps thousands, of CA cases each year. Thus, as trial approaches, Asset Acceptance becomes particularly amendable to a favorable settlement. In some instances, particularly smaller case, Asset’s attorneys will dismiss rather than go to trial.
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