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InfoGroup's founder resigns from company board

InfoGroup founder Gupta resigns from board after voting to recommend sale of company

OMAHA, Neb. (AP) -- The founder of database provider InfoGroup Inc. has resigned from the company's board.

Vin Gupta resigned Monday after voting with the rest of InfoGroup's board to recommend selling the company to private equity firm CCMP Capital Advisors for $8 a share.

InfoGroup shareholders will receive about $460 million cash in the deal, and CCMP will assume about $175 million of InfoGroup's debt. InfoGroup disclosed Gupta's departure Thursday.

Gupta lost his CEO and chairman positions in 2008 after a shareholder lawsuit raised questions about his excessive spending. Gupta pledged to reimburse InfoGroup $9 million over five years, but received $10 million severance. Gupta remains InfoGroup's largest shareholder with control of about 35 percent of the stock. Shares in InfoGroup ended Thursday up 1 cent at $7.90.

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Congress: Speed Up New Credit Card Rules

"Moves up Enactment Date"

The House has voted to impose tough new rules for credit card companies unless lenders agree to freeze interest rates and fees.

The bill, approved 331-92, would accelerate the February enactment date of legislation already passed by Congress that limits when and how banks can charge credit card customers. The bill would become effective when President Barack Obama signs it, but prospects of Senate passage are dim.

Last month, Rep. Barney Frank, who is working on Wall Street reforms, essentially warned banks to stop exploiting the time period before the new credit card rules' enactment to jack up rates on customers.

But the Massachusetts Democrat, who chairs the House Financial Services Committee, said at a that lenders have abused the grace period by using the time to hike rates ahead of the new rules.

It is very clear that this is the kind of protection that shouldn't wait and we should move forward," Frank said about the new credit card rules. In May, the Senate passed a major reform of the credit card industry, clamping down on arbitrary fee and interest rate increases. (read more)