NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether the leadership of Discover Financial Services (“Discover Financial”) (NYSE: DFS) breached their fiduciary duties to Discover Financial and its shareholders.
Scott+Scott is investigating whether members of Discover Financial’s board of directors or senior management failed to manage Discover Financial in an acceptable manner, in breach of their fiduciary duties to Discover Financial, and whether Discover Financial and its shareholders have suffered damages as a result.
On September 29, 2023, Discover Financial announced that it had entered into a consent order with the FDIC addressing “shortcomings” in the bank’s compliance management system, in part by failing to establish a compliance management system to meet consumer protection laws. On October 26, 2023, Discover Financial disclosed that it was cooperating with an SEC investigation regarding incorrectly classified certain credit card accounts. Discover Financial has allocated $376 million to provide refunds to merchants for this misclassification. On July 31, 2024, Discover Financial announced it had recorded an approximately $200 million charge as a “current estimate of potential penalties to be imposed” by regulators.
What You Can Do – CLICK HERE FOR YOUR OPTIONS AS A SHAREHOLDER
If you own shares of Discover Financial, you may have legal claims against Discover Financial’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or jpettigrew@scott-scott.com.
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