Merrick Bank Corporation, an industrial bank, provides credit card products, recreation loans, and merchant services. The company offers Classic Visa and MasterCard credit card products, and Secured Visa cards; boat, recreational vehicle (RV), and motorcycle loans for boat dealers, RV dealers, motorcycle dealers, and financial service providers with past credit problems; and certificates of deposit. It also offers merchant services, including sponsorship programs; and payment clearing and settlement products and services, including ACH processing, payment card industry related insurance, dynamic and multi-currency conversion, gift cards, petroleum solutions, customized merchant statements, m...
10705 South Jordan Gateway
South Jordan, UT 84095
Founded in 1996
WLES, L.P Files Suit Against Merrick Bank Corporation and Royal Group Services, Ltd
Aug 12 13
On August 7, 2013, JetPay Merchant Services, LLC (JPMS) and together with WLES, L.P., (collectively, the Plaintiffs), filed suit in the U.S. District Court for the Northern District of Texas, Dallas Division, against Merrick Bank Corporation (Merrick), Royal Group Services, LTD, LLC and Gregory Richmond (collectively, the Defendants). The suit alleges that Merrick and Gregory Richmond (an agent of Royal Group Services) represented to JPMS that insurance coverage was arranged through Chartis Specialty Insurance Company (Chartis) to provide coverage for JPMS against potential chargeback losses related to certain of JPMS’s merchant customers, including Southern Sky Air Tours, d/b/a Direct Air, a previous customer of JPMS. The complaint alleges that JPMS paid commission/premiums to Merrick relating to the Chartis insurance policy. On or about March 13, 2012, Direct Air abruptly ceased operations, resulting in approximately $25 million in merchant chargebacks. The complaint alleges that Merrick has refused to cover the chargeback losses. The August 7, 2013 suit filed by the Plaintiffs alleges several causes of action against the Defendants, including violation of state insurance codes, negligence, fraud, breach of duty and breach of contract.