Discover Financial Services faces a class-action lawsuit from investors alleging materially false and misleading statements regarding its business, operations, and compliance policies.
Pomerantz, a law firm representing investors, accused Discover of deficient risk management and compliance procedures, failing to comply with applicable student loan servicing standards, misclassifying certain credit card accounts, overcharging customers, and failing to stem its ballooning credit card delinquency rate, the firm announced Friday in a press release.
