| ANA Establishes Legal Defense Fund
This is a press release from the ANA.
(Colorado Springs, Colorado) - In response to the growing need for
consumer protection and the risks associated with taking action to
address concerns about numismatic industry practices, the American
Numismatic Association Board of Governors has established a Defense Fund
to assist in defraying the costs of defense for ANA members who find
themselves named in lawsuits after they have taken action to protect
collectors and the numismatic hobby.
This fund will be administered by the ANA and will be funded through
specifically designated member contributions and will not come from ANA
operating funds. It will be used to offset the costs and expenses
associated with numismatic litigation in which Association members find
themselves named. The ANA will make determinations if requests are made
for money from the fund and will work with the membership and the
numismatic industry to solicit contributions to the fund.
According to Christopher Cipoletti, ANA Executive Director, "this fund
is another benefit that we can provide to our members. It allows members
to be proactive in their actions to protect the hobby and those who are
only beginning to become educated in numismatics."
The ANA Defense Fund was established in part as a response to the recent
lawsuit filed by ASA Accugrade against a number of ANA members. While
the ANA's Defense Fund will continue after the conclusion of the
Accugrade lawsuit, contributions made at this time will assist
Association members in their defense of this suit. The ANA does not
condone all of the statements that are alleged by Accugrade and the
Hagers to have been made. However, the ANA found, in a decision
resulting from a complaint filed by Diane Hager, ASA Accugrade
President, against ANA Governor Barry Stuppler that Accugrade fails to
advise buyers of the different grading standards it uses that are not
consistent with industry standards.
Shortly after the ANA's decision on Ms. Hager's complaint, Diane and
Alan Hager resigned their membership with the ANA.
Contributions to the ANA Defense Fund can be made by check or money
order payable to the American Numismatic Association, 818 North Cascade
Avenue, Colorado Springs, CO 80903. Please note "Defense Fund" on the
memo line of the check or money order.
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