secwatch.observer — SEC 8-K summary
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Issuer:     PRA GROUP INC (PRAA)
CIK:        0001185348
Form:       8-K
Filed at:   2023-03-28T23:59:59+00:00
Accession:  0001185348-23-000011
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PRA Group CEO Kevin Stevenson out, Vikram Atal in; CFPB lawsuit settled for $27M
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- CEO Kevin Stevenson terminated without cause effective March 27, 2023; Vikram Atal, board member since 2015, appointed President and CEO.
- Atal's compensation: $950k base salary, $1.5M restricted stock units vesting over 3 years, target bonus $950k.
- CFPB lawsuit settled: LLC pays $12M civil penalty and ~$15M to consumers (less than 0.1% of active accounts).
- Majority of settlement financial impact already reflected in Dec 2022 financials; no material adverse impact expected.
- Stevenson to receive separation payments per existing agreement, remains subject to non-compete/non-solicitation.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1185348/000118534823000011/0001185348-23-000011-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1185348/000118534823000011/praa-20230322.htm
  HTML page:      https://secwatch.observer/filing/0001185348-23-000011

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer