Discover Financial Services and various officers and directors were hit with a shareholder derivative lawsuit on Sept. 19 in Illinois Northern District Court. The suit, brought by the Brown Law Firm on behalf of Stuart Swaziek, accuses the company of failing to comply with student loan servicing standards and misclassifying credit card customer accounts, resulting in an overcharge to customers and an increase in the credit card delinquency rate. The suit comes on the heels of increased regulatory oversight and the Aug. 14 resignation of CEO and President Roger Hochschild. Counsel have not yet appeared for the defendants. The case is 1:23-cv-13890, Swaziek v. Hochschild et al.
Banking & Financial Services
September 19, 2023, 5:20 PM