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Russell Simmons

Russell Simmons' RushCard creates fund to help customers

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.

"This whole situation has been devastating for them, and we want to make sure they are made whole," said Russell Simmons in an exclusive interview with The Associated Press.

RushCard has not yet laid out a...