Russell Simmons Sells RushCard to Green Dot for $147 Mil.

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If you missed Russell Simmons  pay $19 million to users for last year’s outage.

RushCard, the prepaid debit card company owned by hip-hop mogul Russell Simmons, agreed to pay at least $19 million to compensate its users who were impacted by the company’s multi-day outage last year.

The technical fiasco caused tens of thousands of RushCard customers, who are largely poor and minorities, to be unable to access their money for as long as two weeks. Complaints from the outage clogged up the company’s customer service lines for days

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According to reports, RushCard, the prepaid debit card company founded by hip-hop mogul Russell Simmons, is being bought by rival Green Dot for $147 million.

Green Dot said Monday it will buy UniRush, the parent company of RushCard as well as the Rapid! payroll debit card. Simmons started RushCard in 2003 as one of the first prepaid cards to focus on minority customers and charge lower-than-average fees.

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