PSA Response from President Steve Sloan

[CuriousGeorge]

Originally Posted by Peter_Spaeth

As I see it, if PSA was confident this was a limited problem, they should have no objection to releasing their submission records.

But we know they are going to resist and hope this all goes away quietly with them only refunding a few squeaky wheels. This time I believe it is going to be different though. Assuming what we are hearing from BO is true, there has been a blatant disregard by PSA in many of the procedures we rely upon when paying money to them to authenticate cards. And they need to be held accountable and honor their guarantee whether it was negligence on their part, getting duped by some fraudsters or whatever. Their guarantee is pretty clear to me as well as the lawyers I have spoken to. In no way does it say go back to whomever you purchased it from for recourse. And it doesn’t say if someone is intentionally deceiving them then they won’t honor it. I suspect regardless of where this heads, the guarantee will soon be reworded.

[Peter_Spaeth]

Originally Posted by CuriousGeorge

But we know they are going to resist and hope this all goes away quietly with them only refunding a few squeaky wheels. This time I believe it is going to be different though. Assuming what we are hearing from BO is true, there has been a blatant disregard by PSA in many of the procedures we rely upon when paying money to them to authenticate cards. And they need to be held accountable and honor their guarantee whether it was negligence on their part, getting duped by some fraudsters or whatever. Their guarantee is pretty clear to me as well as the lawyers I have spoken to. In no way does it say go back to whomever you purchased it from for recourse. And it doesn’t say if someone is intentionally deceiving them then they won’t honor it. I suspect regardless of where this heads, the guarantee will soon be reworded.

If someone deceived THEM, they would have a claim over under the submission agreement, like an insurer would against the party at fault, but in no way does it affect the guarantee as I read it.