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.
Posted by B. Janell Grenier at April 28, 2003 06:17 PM