Discover Says It Will Pay $200M To Cardholders Over Fees

Law360, New York (September 21, 2012, 7:12 PM ET) -- Discover Financial Services has reached an agreement with federal regulators to pay $14 million in fines and $200 million in refunds to cardholders who bought certain fee-based products, the company said Friday, resolving allegations that the products were deceptively marketed.

The company and its Discover Bank subsidiary will provide the refunds to end enforcement actions filed by the Federal Deposit Insurance Corp. and Consumer Financial Protection Bureau. The two regulators were not immediately available for comment Friday.

“We have worked hard to earn the loyalty of...
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