WESTLAKE VILLAGE, Calif., Aug. 25, 2017 /PRNewswire/ -- Today, iPayment Holdings, Inc. and iPayment, Inc. (collectively, the "Company"), and Carl and Jessica Grimstad, announced an agreement whereby the Company will voluntarily dismiss its New York state litigation against the Grimstads without any payment by the Grimstads.
As part of the settlement, the Company has agreed to retain Mr. Grimstad, its founder and former Chief Executive Officer, as special advisor. The Company recognizes that the Grimstads believe that the allegations in the lawsuit were false. The Company regrets any distress that may have been caused to the Grimstads by the public filing of the litigation against them. Both sides believe it is in the best interest of all parties, as well as the interests of the Company's numerous stakeholders and employees, to put this matter behind them.
About iPayment iPayment is a trusted provider of payment processing solutions in the U.S. With over 18 years of experience and more than 137,000 SMB customers, the company is consistently recognized for its depth of payments experience, breadth of product offerings, and commitment to transparency and SMB support. From new product innovation to customer service satisfaction, iPayment is an organization focused on small business enablement and delivering relevant and impactful services and solutions that help partners and SMB customers grow their individual businesses. For more information on iPayment, please visit http://www.ipaymentinc.com.