Discover Execs Slam Card Marketing Derivative Suit

Law360, New York (April 8, 2013, 5:21 PM EDT) -- Discover Financial Services executives on Friday urged an Illinois federal judge to toss a consolidated derivative suit alleging the company improperly marketed payment protections and other financial products, saying plaintiffs cannot use previous settlements with regulators to show any intent by the executives to deceive.

Seventeen high-ranking board members and executives, including CEO David Nelms, argued that the suit relied too heavily on a September 2012 settlement that DFS subsidiary Discover Bank had reached with the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau....
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