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MarketScreener Homepage  >  Equities  >  OTC Markets  >  Town Sports International Holdings, Inc.    CLUBQ

TOWN SPORTS INTERNATIONAL HOLDINGS, INC.

(CLUBQ)
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Town Sports International : NYAG Settles With New York Sports Clubs And Lucille Roberts Over Pandemic-Related Cancellation Charges

03/06/2021 | 01:08pm EDT

New York Attorney General Letitia James announced that her office has entered into a settlement with Town Sports International over charges that the company unlawfully charged monthly dues to members of New York Sports Clubs and Lucille Roberts and also engaged in other fraudulent practices involving consumers' cancellation rights arising out of the COVID-19 pandemic.  The NYAG sued the company in September 2020.

If approved by the court, the settlement with the NYAG includes a $250,000 fund to be used to provide restitution to affected New York gym members who were charged for gym services that were not available to them. 

In its lawsuit against Town Sports, the NYAG alleged that New York Sports Clubs and Lucille Roberts violated numerous New York state laws by charging consumers membership dues for services not being offered, failing to issue credits as promised, imposing unlawful fees and advance notice requirements on cancellation requests, misleading consumers about their rights to cancel their memberships, and refusing to honor cancellation requests.  (We previously reported on the NYAG's action last April and October.) 

In announcing the settlement, Attorney General James said, "From the beginning of my office's investigation, I have made clear to New York Sports Clubs and Lucille Roberts that the COVID-19 pandemic would not give them a free pass to violate the law and take advantage of members.  A public health crisis did not give these gyms license to lift up their finances through unlawful charges." 

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Mr Jeffrey Greenbaum
Frankfurt Kurnit Klein & Selz
488 Madison Avenue 10th Floor
New York
NY 10022
UNITED STATES
E-mail: info@fkks.com
URL: www.fkks.com

© Mondaq Ltd, 2021 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing

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Financials (USD)
Sales 2019 467 M - -
Net income 2019 -18,6 M - -
Net Debt 2019 776 M - -
P/E ratio 2019 -2,44x
Yield 2019 -
Capitalization 23,8 M 23,8 M -
EV / Sales 2018 0,73x
EV / Sales 2019 1,77x
Nbr of Employees 5 550
Free-Float 82,2%
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Managers and Directors
NameTitle
Patrick Dennis Walsh Executive Chairman & Chief Executive Officer
Phillip Allen Juhan Chief Financial Officer
Justin Lundberg Independent Director
David K. Chene Director
Douglas T. Logigian Director
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