Simon Property Group Resolves Claims in New Hampshire Giftcard Litigation
INDIANAPOLIS, Feb. 20 /PRNewswire-FirstCall/ -- Simon Property Group, Inc.
(NYSE: SPG) today announced a voluntary settlement with the New Hampshire
Attorney General's office that resolves a major element of the litigation
regarding the Simon Visa Giftcard program.
In August 2006, the federal District Court in New Hampshire held that all
Simon Visa Giftcards issued after September 1, 2005 comply with applicable
law. The Court made no decision regarding the Bank of America-issued Simon
Giftcards sold before that date, leaving it to the parties to determine
whether to continue to litigate or to reach a voluntary settlement.
Because Simon Visa Giftcards are no longer issued under the program that
existed before September 1, 2005, entering into a voluntary, no-fault
settlement serves the interests of all parties, according to Stewart A.
Stockdale, chief marketing officer, Simon Property Group and president, Simon
Brand Ventures, the company's business-to-consumer division.
"Our company truly appreciates the loyal support of New Hampshire
citizens, who have helped make the Simon Visa Giftcard one of the most popular
and widely accepted Giftcards available in the United States today," said
Stockdale. "This voluntary settlement closes a door on the past and allows us
to focus on the future of the Simon Visa Giftcard program."
Stockdale noted that all unexpired Simon Visa Giftcards held by consumers
today continue to be valid and can be used wherever Visa debit cards are
accepted worldwide. Further and most important, he added, consumers may still
purchase new Simon Visa Giftcards at any Simon mall or online at
www.simon.com. In New Hampshire, Simon Property Group owns and operates the
Mall of New Hampshire in Manchester, the Mall at Rockingham Park in Salem, and
Pheasant Lane Mall in Nashua.
Since the introduction of Simon Visa Giftcards nationwide in 2003,
consumers across the country have overwhelmingly embraced their convenience,
affordability and versatility. Today the Giftcards are issued by two
federally-chartered banks, U.S. Bank and Meta Bank, and consumers can track
purchases and card balances online and obtain replacements for lost or stolen
About Simon Property Group
Simon Property Group, Inc., an S&P 500 company headquartered in
Indianapolis, Indiana, is a real estate investment trust engaged in the
ownership, development and management of retail real estate, primarily
regional malls, Premium Outlet Centers(R) and community/lifestyle centers. The
Company's current total market capitalization is approximately $52 billion.
Through its subsidiary partnership, it currently owns or has an interest in
285 properties in the United States containing an aggregate of 201 million
square feet of gross leasable area in 38 states plus Puerto Rico. Simon also
owns interests in 53 European shopping centers in France, Italy, and Poland; 5
Premium Outlet Centers in Japan; and one Premium Outlet Center in Mexico.
Additional Simon Property Group information is available at www.simon.com.
Simon Property Group, Inc. is publicly traded on the NYSE under the symbol
About Simon Brand Ventures
Simon Brand Ventures (SBV), Simon's business-to-consumer arm, is
pioneering the transformation of shopping centers into a medium where consumer
brands can build relationships with Simon shoppers who make approximately 2.4
billion visits each year. Simon's vast franchise of market-leading shopping
centers nationwide provides SBV the foundation to monetize the distribution
system through numerous consumer ventures. SBV has engaged in a number of
consumer business initiatives, including the Simon Visa Giftcard(R), launch of
Simon platform programs such as Simon Kidgits Club(R), Simon Super Chefs
Live!(R), and Simon DTour Live(R); a national media delivery channel including
static, digital and experiential marketing and advertising vehicles; and
multiple national and local marketing alliances with Coca-Cola, Visa U.S.A.
and Cingular Wireless, among others.
SOURCE Simon Property Group, Inc.
CONTACT: Billie Scott of Simon Property Group, Inc., +1-317-263-7148, or
email@example.com; or Thomas D. Pagano for Simon Property Group, Inc.,
+1-314-982-1702, or firstname.lastname@example.org