San Diego, CA -- (SBWIRE) -- 07/31/2012 -- Certain officer and directors of Capital One Financial Corp. (NYSE:COF. are under investigation over potential breaches of fiduciary duties in connection with certain financial statements.
Investors who are current long term stockholders in shares of Capital One Financial Corp. (NYSE:COF), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether Capital One Financial Corp. made materially false and misleading statements and omissions regarding its financial performance and compliance with applicable rules and regulations. Specifically, the investigation concerns possible breaches of fiduciary duties by the Board of Directors and/or officers of Capital One Financial Corp. in connection with allegedly improper marketing and implementation of payment protection plans and other fee-based services.
On July 18, 2012, Capital One Financial Corp. (NYSE:COF) announced that its subsidiary bank, Capital One Bank (USA), N.A., has reached agreements with the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) to resolve issues related to Capital One’s oversight of vendor sales practices relating to Payment Protection and Credit Monitoring products.
Capital One Financial Corp. said that as described in both agreements between August 2010 and January 2012, Capital One’s third party vendors did not always adhere to company sales scripts and sales policies for Payment Protection and Credit Monitoring products, and the bank did not adequately monitor their activities. The agreement with the OCC also addresses certain billing practices relating to Credit Monitoring products administered by third party vendors.
Capital One Financial Corp. said that it will set aside $150 million to provide refunds, almost all of which will go to customers impacted by the vendor sales practices between 2010 and 2012. In addition, Capital One will pay $25 million in Civil Money Penalties to the CFPB and $35 million in Civil Money Penalties to the OCC.
Capital One Financial Corp. (NYSE:COF) reported that its Net Loss of $46million in 2008 turned into a Net Income of $3.14billion in 2011.
Shares of Capital One Financial Corp. (NYSE:COF) grew from as low as $8.31 per share on March 2009 to as high as $57.60 per share on July 27, 2012.
On July 30, 2012, NYSE:COF shares closed at $56.90 per share.
Those who are current long term stockholders in shares of Capital One Financial Corp. (NYSE:COF), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego