A payment processing company agreed to pay or relinquish $1.1 million to settle Federal Trade Commission charges that it knowingly helped facilitate a credit card interest rate reduction scam that bilked tens of thousands of consumers out of nearly $10 million.

Independant Resources Network Corp., doing business as IRN Payment Systems, agreed to a $3.48 million settlement, which is suspended upon payment of $400,000. IRN also released any claim to approximately $700,000 in reserve funds that the court previously ordered it to turn over under the asset freeze provisions of a preliminary injunction order that was entered before IRN was named as a defendant in the case.

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