Advanta Mails Notice of Hearing.SPRING HOUSE, Pa.--(BUSINESS WIRE)--Nov. 25, 1998--Advanta Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADVNA ADVNA Advanta Corporation (stock symbol) ; ADVNB; ADVNZ) today announced that, pursuant to an agreement in the Stoddard vs. Advanta Corp. et. al. lawsuit, a notice has been mailed to all persons known to Advanta to be members of the plaintiffs' class. The notice contains information about a hearing in the lawsuit scheduled to be held in Wilmington, Delaware Wilmington is the largest city in the state of Delaware and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. , on December 23, 1998, regarding the proposed settlement and options for class members. All persons who, at any time from January 1, 1992 until November 2, 1998, maintained a consumer credit card issued by Advanta National Bank, Advanta National Bank USA, or Colonial National Bank The full name of the bank is National Bank of Fiji trading as Colonial National Bank. The bank is a subsidiary of Commonwealth Bank and has the largest branch network in Fiji. It also has a majority holding in one of the two merchant banks in the country. USA; established a bank balance through the SmartMove program; and were charged an interest rate on that balance higher than the rate described in the promotional material pursuant to which the balance was established are considered potential members of the plaintiff's class. Advanta is a highly focused financial services company with 2,600 employees, over $11 billion in managed assets and $7.6 billion in assets serviced for third parties. Advanta provides consumers and small businesses with innovative products and services including mortgages, equipment leases, business credit cards, insurance and deposit products. The Company also provides a full range of loan purchasing, contract servicing and securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. services to the mortgage industry. |
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