Providian Financial announced that it has settled a class action lawsuit which contends that the Plan should not have purchased or held company stock during 2001 and challenges the accuracy and completeness of information provided to Plan participants about company stock. Providian has consistently denied the allegations as factually untrue and legally without merit. The settlement, which is subject to court approval, provides for a payment of $8.6 million, including attorney fees and will be funded by Providian’s insurance carrier. Lynn Sarko of Keller Rohrback and Jane Stranch of Branstetter, Kilgore, Stranch & Jennings represented the plaintiffs.
Providian Announces Settlement of Lawsuit
Providian Financial announced that it has settled a class action lawsuit which contends that the Plan should not have purchased or held company stock during 2001 and challenges the accuracy and completeness of information provided to Plan participants about company…
I opened an account with Providian, and they charged me two times the amount, that I was approved for, when it came to paying them back. I was approved for $600.00 and they wanted me to pay back $1,200.00. They are still sending me bills.