According to several reports, Russell Simmons just unloaded the RushCard for a whopping $147 million dollars.
The RushCard, which debuted in 2003, famously went through a month long shutdown in 2015 – cutting users off from their cash after a systems upgrade failed.
The sale came just a day before the Consumer Financial Protection Bureau has ordered UniRush and MasterCard to pay $13 million in fines and restitution stemming from the card’s malfunction.
The CFPB has ordered MasterCard and UniRush to pay an estimated $10 million in restitution to tens of thousands of harmed customers. The CFPB also fined MasterCard and UniRush $3 million.
Green Dot is not liable for any of the fines or restitution, but will retain The RushCard name and its more than 750,000 cardholders.
