Fleetcor Technologies, Inc. (FLT) to Appeal FTC Case
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FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today announced that it will appeal the August 9, 2022 decision by the Northern District of Georgia regarding the Federal Trade Commission (FTC) lawsuit involving its fuel card business in the U.S.
While the court granted the FTC's motion for summary judgment as to liability for the Company and its CEO, the court ruled in the Company’s favor denying the FTC’s claim for monetary relief.
FLEETCOR strongly disagrees with the ruling on liability, which the Company believes was reached prematurely.
Beginning in 2017, FLEETCOR voluntarily cooperated with the FTC and implemented enhanced disclosures addressing the concerns raised by the FTC. The Company has seen no material business impact or change in customer behavior as a result of these changes.
“FLEETCOR takes governance and oversight matters seriously and is confident it has acted in accordance with all applicable laws,” said Steven Stull, Lead Independent Director. “The Board fully supports the Company and Ron Clarke in their efforts to overturn this ruling.”
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