Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 53

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 53
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 the parties settled by agreement the claims of the plaintiff and a California settlement class for $1.1 million. The settlement
was approved by the court on October 9, 2024. Under the settlement, the Company paid, after September 30, 2024, $1.1 million to the settlement
administrator.

In General. There can
be no assurance as to the outcomes of the matters described or referenced above. We record at each measurement date, most recently as
of December 31, 2024, our best estimate of probable incurred losses for legal contingencies, including the matters identified above. The
amount of losses that may ultimately be incurred cannot be estimated with certainty. However, based on such information as is available
to us, we believe that the range of reasonably possible losses for the legal proceedings and contingencies we face, including those described
or identified above, as of December 31, 2024 does not exceed $3.2 million.

Accordingly, we believe that
the ultimate resolution of such legal proceedings and contingencies should not have a material adverse effect on our consolidated financial
condition. We note, however, that in light of the uncertainties inherent in contested proceedings there can be no assurance that the ultimate
resolution of these matters will not be material to our operating results for a particular period, depending on, among other factors,
the size of the loss or liability imposed and the level of our income for that period.

Item 4.  Mine Safety Disclosures

Not applicable.

 31 

Information about Our Executive Officers

Set forth below are the names, ages, offices held, tenure, and certain
biographical information of each of our executive officers as of the filing of this report:

Charles E. Bradley, Jr.,
65, has been our Chief Executive Officer since January 1992, a director since our formation in March 1991, and was elected Chairman of
the Board of Directors in July 2001. Prior to that he was our President from March 1991 to December 2022. From April 1989 to November
1990, he served as Chief Operating Officer of Barnard and Company, a private investment firm. From September 1987 to March 1989, Mr. Bradley,
Jr. was an associate of The Harding Group, a private investment banking firm. Mr. Bradley does not currently serve on the board of
directors of any other publicly-traded companies.

Michael T. Lavin,
52