Hip Hop Mogul Russell Simmons Has Vowed To Help Users Of His Prepaid Debit Card Venture Rushcard, Who Are Experiencing Financial Hard Times, Due To Technical Issues, By Setting Up A Financial Fund For Them.
Earlier this month (Oct15), users experienced difficulty accessing their funds and took to social media to express their frustrations. They also filed a class action lawsuit on Friday (23Oct15), claiming they were informed the company would be performing updates to the system that would last a few hours, but their accounts were down for several weeks.
The users are seeking damages and the 58 year old has now announced plans to set up a multi-million dollar fund to assist consumers who can prove they suffered a financial setback due to their debit card issues.
"This whole situation has been devastating for them, and we want to make sure they are made whole," Simmons told the Associated Press.
Officials at the Consumer Financial Protection Bureau are conducting an investigation.