Discover's Costs In FDIC Action Could Exceed $100M

Law360, New York (January 26, 2012, 10:35 PM EST) -- Discover Financial Services on Thursday said its liability from a planned Federal Deposit Insurance Corp. enforcement action over its marketing of fee-based products could "materially exceed" $100 million.

In an annual report filed with the U.S. Securities and Exchange Commission, the Illinois-based bank said that it could face up to another $100 million in losses related to other legal and regulatory proceedings.

Discover's payment, identity theft and wallet protections and credit score tracker are at issue in the threatened enforcement from the FDIC and the Consumer...
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