Mark Johnson and Portfolio Recovery Associates, LLC Announce Resolution of Lawsuit

NORFOLK, VA — Mark Johnson and Portfolio Recovery Associates, LLC, a wholly owned subsidiary of Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), are happy to announce that a mutually agreeable resolution to the lawsuit filed by Mr. Johnson has been reached. Any accusations that have resulted from this misunderstanding are unfortunate and regrettable. After carefully considering all of the circumstances, the parties have decided to put the matter behind them.

About Portfolio Recovery Associates, Inc.
Portfolio Recovery Associates is a full-service provider of outsourced receivables management, payment processing and related services. The Company’s primary business is the purchase, collection and management of portfolios of defaulted consumer receivables. These are the unpaid obligations of individuals to credit originators, which include banks, credit unions, consumer and auto finance companies, and retail merchants. Portfolio Recovery Associates also provides a broad range of collection services, including revenue administration