Providian Financial Settles 401(k) Suit
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San Francisco-based Providian Financial Corp. will pay $8.6 million to settle a lawsuit with former and current employees who sued over a retirement plan that didn’t permit them to sell the credit card issuer’s stock.
The 2001 class-action suit claimed that the company’s 401(k) plan, which matches employee contributions using the company’s stock, didn’t give employees full control over their investments.
Providian admitted no wrongdoing under the settlement. Providian’s stock fell 81 cents to $7.06 on the New York Stock Exchange.
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