This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Faruqi & Faruqi, LLP Is Investigating Capital One Financial Corp., On Behalf Of Its Shareholders - COF

Stocks in this article: COF





NEW YORK, July 25, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and the enforcement of federal antitrust laws, is investigating potential wrongdoing at Capital One Financial Corp. ("Capital One" or the "Company") (NYSE: COF).  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. 

(Logo:  http://photos.prnewswire.com/prnh/20120119/MM38856LOGO )

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. 

The CFPB stated that Capital One customers were wrongly led to believe by call center workers that they needed to buy add-on services to activate their cards and that debt protection and credit monitoring were free services. Other customers were left with the impression that their credit scores would improve with the purchase, while some got billed even though they were not eligible.  The bulk of the settlement will go to consumers, with $60 million going toward penalties, $25 million to the CFPB, and $35 million to the Office of the Comptroller of the Currency.

Request more information now by clicking here: www.faruqilaw.com/COF.

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 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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,636.26 +21.45 0.13%
S&P 500 1,943.52 +2.24 0.12%
NASDAQ 4,420.30 +0.8220 0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs