"We feel strong about our current position, so much so, that we decided to proactively notify CA state regulators of additional alleged allegations." - said Heather Altepeter, CEO and founder of NMA
LAS VEGAS (PRWEB) January 23, 2023
Today, National Merchants Association (“NMA” or “Plaintiff”), an innovative FinTech company, pro-business advocate and payments acquirer transforming the financial services industry, released a new update about its ongoing suit against Commercial Bank of California, a California chartered bank (“Defendant”), in the Superior Court of California, Los Angeles County, California, case number 21STCV44674 and JAMS Reference No. 1210038694.
As it currently stands, NMA is suing for $280M and is in the process of completing depositions with several individuals and entities involved in the case. The case is moving toward a trial date confirmed for February 2023, with NMA executives also deciding to file a complaint with State Regulators. NMA remains confident in a favorable outcome as the suit moves forward into the new year.
“We‘re excited to see the positive evolution of the suit with an official trial date set for February. This empowers us to present our evidence and tell our story,” said Heather Altepeter, CEO, owner and founder of National Merchants Association. “We feel strong about our current position, so much so, that we decided to proactively notify CA state regulators of additional alleged allegations.”
In December 2021 NMA filed a seven-count suit against Commercial Bank of California for various alleged violations, including, inter alia, breach of written agreement, breach of covenant of good faith and fair dealing, unjust enrichment and unfair business practices, among more. The alleged unethical and unfair business practices executed by the leadership of Commercial Bank of California including its longtime and current CEO Ash Patel include, but are not limited to: using NMA’s proprietary processes and information; frustrating merchant processing and reserve releases and disseminating misinformation about NMA.
“Myself, the entire company, and our most trusted business partners all support Heather in her pursuit of justice and a favorable result to the allegations against CBC,” said Travis Everett, COO of National Merchants Association. “Through her consistent leadership and company vision, she has proven her dedication to ensuring Commercial Bank of California cannot continue to mismanage its business partners and we’ll stand firm until justice has been properly served.”
National Merchants Association will release milestone updates as the trial progresses. For questions or comments, email firstname.lastname@example.org. For more information on National Merchants Association, visit NationalMerchants.com.
About National Merchants Association (NMA)
National Merchants Association (NMA) is a powerhouse in the payment processing industry and a merchant advocacy group that champions for every merchant, regardless of their risk level, to ensure fair and affordable electronic payment options for businesses of all sizes. As a premier card-not-present service provider and trusted partner to brick-and-mortar businesses across the globe for nearly 20 years, NMA has revolutionized the payment processing space by creating a trusted and easy-to-use payment experience for merchants, agents, referral partners and consumers. NMA has achieved remarkable success since its inception – securing a spot on the Inc. 5000 list of fastest-growing companies for three consecutive years and landing partnerships that afford exclusive access to innovative FinTech and payments solutions. For more information about NMA, visit NationalMerchants.com.