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Faruqi & Faruqi, LLP Announces Investigation Capital One Financial Corp., On Behalf Of its Shareholders


Wednesday, 25 Jul 2012 07:55am EDT 

Faruqi & Faruqi, LLP, announced that it is investigating potential wrongdoing at Capital One Financial Corp. The investigation focuses on possible breaches of fiduciary duties by the Board of Directors and/or officers of the Company in connection with the improper marketing and implementation of payment protection plans and other fee-based services. Specifically, the investigation concerns monetary damages and reputational harm suffered by the Company due to its directors and/or officers: (1) causing the Company to engage in fraudulent and illegal marketing practices in connection with its payment protection programs; (2) failing to maintain adequate internal controls over the Company's marketing and sales of fee-based financial products, including payment protection programs; and (3) falsely certifying to regulators that the Company had adequate internal controls sufficient to oversee the Company's compliance with all applicable legal and regulatory requirements. As part of a recent settlement with the Consumer Financial Protection Bureau (CFPB), Capital One has been ordered to pay $210 million to settle allegations it misled credit card customers into buying unwanted add-on products such as payment protection and credit monitoring. The Capital One credit card product settlement was the first public enforcement case brought by CFPB, established by the Dodd-Frank Act to increase oversight of consumer financial products. 

Company Quote

74.89
-0.27 -0.36%
17 Apr 2014