Company Overview of Advanta Corp.
As of February 28, 2011, Advanta Corp. went out of business under Chapter 11 liquidation as per its bankruptcy filing. Advanta Corp. issues business purpose credit cards to small businesses and business professionals in the United States. It offers MasterCard and Visa business purpose credit cards that provide approved customers with access, through merchants, banks, checks, electronic fund transfers, and ATMs to unsecured revolving business purpose credit lines. The company also offers credit protection and related products, such as credit insurance products, which provide coverage for loss of life, disability, and involuntary unemployment; and waiver agreement, which provides for the waive...
625 West Ridge Pike
Conshohocken, PA 19428
Founded in 1951
Key Executives for Advanta Corp.
Advanta Corp. does not have any Key Executives recorded.
Advanta Corp. Key Developments
CEO Dennis Alter and Three Other Former Senior Executives of Advanta Corp. Reach $13.25 Million settlement in Class Action Lawsuit with Investors
May 29 14
CEO Dennis Alter and three other former senior executives of Advanta Corp. reached a $13.25 million settlement in a class-action lawsuit that alleges investors who acquired the now-defunct small business credit card lender's stock between Oct. 16, 2006, and Jan. 30, 2008 were misled about the company's financial condition. A hearing seeking approval of the settlement is scheduled for April 4. The lead plaintiff in the case is the Western Pennsylvania Electrical Employees Pension Fund. The parties used the services of former U.S. Judge Layn Phillips, now a mediator who is working on the NFL concussion case brought by former players. Phillips made a mediator's proposal, which the two sides accepted. In addition to Alter, former top Advanta executives William A. Rosoff, Philip M. Browne, and David B. Weinstock were listed as defendants. The settlement will be paid from insurance proceeds. In another class action that made similar claims, U.S. District Judge Cynthia Rufe gave preliminary approval in October of a $4.5 million settlement in another class action brought by former Advanta employees who said the company misled them.
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