NEW YORK, May 4, 2012 /PRNewswire/ -- Faruqi & Faruqi,
LLP, a leading New York securities
firm, is investigating the Board of Directors and officers of
Discover Financial Services ("Discover" or the "Company") (NYSE:
DFS). 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 products.
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www.faruqilaw.com/DFS
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. In the
Company's 2011 Annual 10-K, filed with the Securities and Exchange
Commission on January 26, 2012, the
Company disclosed that it had learned that the Federal Deposit
Insurance Corporation ("FDIC") and the Consumer Financial
Protection Bureau had notified it that they planned to bring a
joint enforcement action against the Company in relation to
Discover's marketing practices with respect to its fee-based
products, including its payment protection products.
Previously, the Company had disclosed that the FDIC was
investigating the Company's marketing practices. The
threatened enforcement action comes on the heels of numerous class
action lawsuits that have been filed against the Company regarding
the sale of the Company's payment protection fee-based
products.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action and derivative
litigation. The firm is focused on providing exemplary legal
services in complex litigation in the areas of securities,
shareholder, antitrust and consumer litigation, through all phases
of litigation. The firm has an experienced trial team which
has achieved significant victories on behalf of the firm's
clients.
If you own common stock in Discover and wish to obtain
additional information, please visit us at www.faruqilaw.com/DFS or
contact Michael J. Hynes, Esq.
either via email at mhynes@faruqilaw.com or by telephone at (877)
247-4292 or (215) 277-5770.
Contact:
Faruqi & Faruqi, LLP
101 Greenwood Avenue
Jenkintown, PA 19046
Attn: Michael J. Hynes, Esq.
mhynes@faruqilaw.com
Toll Free: (877) 247-4292
Phone: (215) 277-5770
(NYSE: DFS)
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SOURCE Faruqi & Faruqi, LLP