Haeggquist & Eck, LLP, a shareholder and consumer rights litigation firm, is investigating claims on behalf of investors of Discover Financial Services (“Discover” or the “Company”) (NYSE: DFS). Such investors are advised to contact Amber Eck at ambere@haelaw.com or (619) 342-8000.
The investigation concerns whether Discover and certain of its officers and/or directors have violated the securities laws and/or breached their fiduciary duties.
Specifically, on September 29, 2023, Discover announced in its 8-K filed with the SEC that it had entered into a consent order with the FDIC addressing “shortcomings” in the bank’s compliance management system. The FDIC’s examination in 2021 determined Discover engaged in “unsafe or unsound banking practices,” in part by failing to establish a compliance management system to meet consumer protection laws, according to the consent order. The FDIC also found violations of the Federal Trade Commission Act, the Truth-in-Lending Act, the Servicemembers Civil Relief Act and the Electronic Records and Signatures in Commerce Act.
In addition, Discover disclosed on October 26, 2023, in its 10-Q filed with the SEC that it was “cooperating with an SEC investigation into the card product misclassification matter.” Discover admitted that it had “incorrectly classified certain credit card accounts into its highest merchant and merchant acquirer pricing tier” that “affected pricing for certain merchants and merchant acquirers.” Discover has calculated $376 million in liability to provide refunds to merchants for this misclassification.
What You Can Do
If you are a Discover shareholder, you may have legal claims against its directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Amber Eck at 619-342-8000 or e-mail her at ambere@haelaw.com. There is no cost or obligation to you.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
This release constitutes attorney advertising. Past results do not guarantee a similar outcome.
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Contacts
Amber Eck, ambere@haelaw.com
Haeggquist & Eck, LLP
619-342-8000
