Capital One Derivative Suit Over $210M Loss Gets Axed

Law360, New York (October 8, 2013, 7:48 PM EDT) -- A Virginia federal judge Tuesday sounded the death knell for a derivative suit against Capital One Financial Corp. directors for purportedly allowing the bank to engage in deceptive credit card marketing that led to $210 million in payouts and penalties, finding the shareholders didn’t satisfy the demand futility requirement.

U.S. District Judge T.S. Ellis III dismissed the case with prejudice, ruling the plaintiffs again failed to plead particularized facts indicating that a majority of Capital One’s board of directors faced a good chance of liability and...
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