Louisiana Record

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Financial services company settles breach of contract lawsuit with currency exchange

By Lizzy Fitzsousa | Apr 14, 2014

NEW ORLEANS – A financial services company that claims a New Orleans-based currency exchange firm breached a contract has settled a lawsuit.

21st Century Financial Services filed suit against Banco Latino Holding Company LLC and Pronto LLC in the Orleans Parish Civil District Court on Jan. 22.

Damages requested in the lawsuit amounted to $89,000 plus 1.5 percent interest.

On March 31, the plaintiff motioned for voluntary dismissal stating the matter was settled in full. The suit was dismissed without prejudice. Details of the settlement amount were not disclosed.

According to the suit, on Nov. 21, 2011 Banco Latino and Pronto contracted with 21st Century for computer processing services, software, and other services. The contract was for three years, with a monthly servicing fee of $5,000. 21st Century alleges that it provided services on a monthly basis, beginning in April 2012.

Between November 2012 and July 2013, 21st Century claims it agreed to defer half of the monthly payments. In August 2013, the suit asserts that Banco Latino began making full service payments plus an additional $2,500 toward each deferred amount that was due. However, 21st Century claims it terminated an agreement with 21st Century in November 2013 without cause.

21st Century is represented by Samuel H. Winston of Jones Walker LLP.

The case was assigned to Division A Judge Tiffany G. Chase.

Case no. 2014-00819.

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