Pension Fund Sues Discover For Docs On Fee-Based Products

Law360, Wilmington (September 25, 2012, 3:32 PM EDT) -- A pension fund shareholder on Monday hit Discover Financial Services with a lawsuit in Delaware court to force the credit card company to hand over internal records on fee-based products that have drawn the ire of federal regulators and customers.

Steamfitters Local 449 Pension Fund wants the documents to discern whether the company’s officers and directors are liable for mismanagement or breaching their duty to shareholders in connection with alleged deceptive marketing of the products, according to a complaint filed in Delaware Chancery Court.

The suit...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.