Russell Simmons’ RushCard creates fund to help customers

Russell-Simmons2NEW YORK (AP) — RushCard, the pre-paid debit card backed by hip-hop mogul Russell Simmons, will create a “multi-million dollar” fund to help cover the costs that its customers suffered while the card was beset by technical problems earlier this month.

RushCard customers who can show they incurred late fees, lost a deposit on an apartment, or any such financial setback as a direct result of the RushCard problems will be compensated, the company said Thursday.

RushCard, MasterCard and MetaBank, the custodian bank for the money RushCard users put on the card, will chip into the fund, the company said. The exact size of the fund will be determined by the size of the damages incurred by RushCard users. It is likely to be in the tens of millions of dollars.

“We don’t have a number yet because it really is whatever it takes to make good with our customers,” Simmons said.

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