Law360, New York (August 16, 2012, 3:20 PM EDT) -- Top brass at Discover Financial Services are accused in a shareholder derivative complaint filed Tuesday in Illinois of exposing the company to losses by selling financial tools of dubious value and enrolling cardholders without consent, the latest legal trouble related to the company's add-on products.
Seventeen high-ranking staff members, including CEO David Nelms, are said to have condoned allegedly deceptive marketing tactics that have landed Discover in regulators’ crosshairs and prompted a litany of lawsuits.
At issue are various services Discover offers to protect customers from...
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