SAN FRANCISCO, April 25 /PRNewswire-FirstCall/ -- Providian Financial
Corp. and lawyers for current and former participants of the company's 401(K)
Plan announced today that they have reached an agreement to settle 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. The entire amount will be funded by
Providian's insurance carrier.
"We are pleased to resolve this action, and our management team will
continue to focus its attention on building shareholder value," said Alan
Elias, senior vice president of Corporate Communications for Providian.
"We think this settlement is fair and will bring significant value to the
participants in Providian's 401(k) plan," said Lynn Sarko, managing partner of
the Seattle law firm of Keller Rohrback, who represented the plaintiffs with
Jane Stranch, of Branstetter, Kilgore, Stranch & Jennings in Nashville.
SOURCE Providian Financial Corp.; Keller Rohrback
 back to top
Related links:
http://www.providian.com
CONTACT:
Lynn Sarko of Keller Rohrback,
+1-206-623-1900; or Alan Elias of Providian Financial,
+1-415-278-4189
|
