284:, granted final approval to a settlement agreement in the case, and certified a settlement class. The settlement required Providian to pay over $ 100 million in cash, credits, and other benefits to the class, and to stop certain practices that were at issue in the class actions. Combined with an earlier settlement with governmental entities, the award constitutes the largest settlement ever against a credit card company for alleged widespread unlawful business practices.
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299:. In 2000, Providian agreed to reimburse $ 300 million to 3 million customers, who were victims of misleading sales pitches and charged for products they did not want, including Providian credit-protection plan, balance transfers, annual fees, and other services. The settlement was the largest enforcement action ever by the OCC and is the first enforcement action under the
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251:
Many critics contended that the extended credit makes the borrower poorer than before the credit was extended. Having the opposite effect on officers and directors of the company, making them conspicuously wealthier. David
Alvarez, former president of the integrated-card unit, made a
220:
acquired two banks to start a credit card company by the name of First
Deposit, based in San Francisco. In 1984, First Deposit was sold to the Kentucky insurance company Capital Holding, later renamed Providian. When Providian's insurance operations were acquired by
196:, Inc., continued to run the company as a wholly owned subsidiary, out of its San Francisco headquarters. At its peak, the company employed approximately 13,000 people nationwide. Providian had significant operations in
272:
Beginning in mid-1999, a number of class-action suits were filed against the company regarding aggressive sales tactics for various "credit protection" services being sold to
Providian credit card holders.
249:"Is any bit of food too small to grab when you're starving and when there is nothing else in sight? The trick is charging a lot, repeatedly, for small doses of instrumental credit."
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4.7 million following his confirmation hearing and a short time before
Providian's financial problems became public information and the stock price plummeted.
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232:" market. Providian provided credit cards primarily to the lowest income groups in the U.S. at high interest rates. The
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12.2 million profit selling his stock before the company disclosed that it was in deep trouble.
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405:"Providian gets $ 300 million spanking, ends suit over "deceptive" practices"
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TECHNOLOGY; Providian
Settles Credit Card Lawsuit by Paying $ 105 Million
107:
89:
225:, Providian's credit card business was spun off as a separate company.
192:, and had more than 10 million card holders at the time of its sale.
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of the
Superior Court of California, the City and County of
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6.5 billion in
October 2005. Providian was headquartered in
447:
David
Alvarez's 12.2 million profit opened Nexxo Financial
236:(APR) charged by Providian were as high as 29.9 percent.
358:"Providian Unit to Be Sold To Aegon for $ 2.6 Billion"
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260:sold all his stock having a value of approximately
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228:Providian was a company that sold credit in the "
439:Providian Gripe Site - One Cardholders Nightmare
287:Providian National Bank and its parent company,
247:, asked company executives about its customers:
474:
8:
239:In a March 1999 memorandum published by the
21:
1090:Indiana Michigan Power Center (Fort Wayne)
563:
481:
467:
459:
20:
297:San Francisco District Attorney’s Office
1095:JPMorgan Chase Building (San Francisco)
320:Providian Financial Corporation History
312:
425:, San Francisco Chronicle, May 5, 2002
101:Anthony F. Vuoto, Vice Chairman &
1180:Defunct companies based in California
919:National Bank of Commerce in New York
7:
1140:
1010:270 Park Avenue (2021–present)
804:Banca Commerciale Italiana Trust Co.
391:"$ 300 Million Providian Settlement"
909:Mechanics and Metals National Bank
449:, nexxofinancial.com, Nov 29, 2010
331:Gorham, John (December 10, 2001).
14:
1055:Chase Tower (Englewood, Colorado)
1005:270 Park Avenue (1960–2021)
431:How Providian misled card holders
423:How Providian misled card holders
1185:Companies based in San Francisco
1151:
1139:
1128:
1127:
864:Fourth National Bank of New York
548:
106:Warren Wilcox, Vice Chairman of
27:
969:Valley National Bank of Arizona
170:Providian Financial Corporation
22:Providian Financial Corporation
1100:JPMorgan Chase Tower (Houston)
276:On November 7, 2000, the Hon.
243:, the founder of the company,
1:
849:Dime Savings Bank of New York
530:Highbridge Capital Management
441:, ProvidianFinancialSucks.com
303:by a bank regulatory agency.
839:Continental Bank & Trust
301:Federal Trade Commission Act
1070:Chase Tower (Oklahoma City)
1201:
1060:Chase Tower (Indianapolis)
523:Chase Card Services Canada
1123:
1110:One Chase Manhattan Plaza
796:American Savings and Loan
546:
433:, SFGate.com, May 5, 2002
190:San Francisco, California
74:San Francisco, California
26:
964:Trust Company of America
914:National Bank of Detroit
158:(at time of acquisition)
1080:Chase Tower (Rochester)
1065:Chase Tower (Milwaukee)
944:Robert Fleming & Co
642:William B. Harrison Jr.
241:San Francisco Chronicle
234:annual percentage rates
172:was one of the leading
1035:Chase Tower (Amarillo)
929:New York Trust Company
1075:Chase Tower (Phoenix)
1050:Chase Tower (El Paso)
1040:Chase Tower (Chicago)
959:The Manhattan Company
949:State Bank of Chicago
904:Manufacturers Hanover
879:HF Ahmanson & Co.
874:Hambrecht & Quist
657:Douglas A. Warner III
622:Junius Spencer Morgan
364:. December 31, 1996.
156:Washington Mutual Inc
56:Finance and Insurance
1045:Chase Tower (Dallas)
829:Chase Manhattan Bank
814:Bank United of Texas
632:Henry Sturgis Morgan
612:John Pierpont Morgan
580:Mary Callahan Erdoes
526:EMC Mortgage Company
180:when it was sold to
954:Texas Commerce Bank
800:Anchor Savings Bank
687:Dennis Weatherstone
540:One Equity Partners
289:Providian Financial
141:Number of employees
39:Acquired; formerly
23:
18:Credit card issuers
1115:The Qube (Detroit)
1020:383 Madison Avenue
924:National Park Bank
894:JP Morgan & Co
869:Great Western Bank
844:Corn Exchange Bank
768:Phebe N. Novakovic
535:JP Morgan & Co
362:The New York Times
268:Class action suits
184:for approximately
122:Financial services
86:Joseph W. Saunders
1167:
1166:
974:Washington Mutual
791:American Fletcher
713:
712:
652:Walter V. Shipley
637:David Rockefeller
194:Washington Mutual
182:Washington Mutual
167:
166:
1192:
1155:
1143:
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884:Indiana National
773:Virginia Rometty
697:Winthrop Aldrich
682:Thomas W. Lamont
677:James B. Lee Jr.
617:J. P. Morgan Jr.
564:
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519:Chase Paymentech
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995:245 Park Avenue
990:125 London Wall
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899:Lincoln Savings
889:Jardine Fleming
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587:Gordon A. Smith
584:Daniel E. Pinto
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672:Blythe Masters
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662:Temple Bowdoin
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627:George Peabody
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416:External links
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258:Larry Thompson
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131:$ 2.6 billion
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854:First Chicago
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834:Chemical Bank
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824:CenTrust Bank
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755:Laban Jackson
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751:Timothy Flynn
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728:Linda Bammann
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701:Matthew Zames
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647:John B. McCoy
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333:"Card Player"
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282:San Francisco
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1105:McCoy Center
1085:Chater House
1025:Chase Center
938:
819:Bear Stearns
764:Michael Neal
705:Steven Black
446:
438:
430:
422:
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385:
373:. Retrieved
361:
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340:. Retrieved
336:
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240:
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227:
215:
169:
168:
163:(since 2008)
70:Headquarters
36:Company type
15:
1158:Wikiversity
1030:Chase Field
934:Ord Minnett
782:Historical
747:Jamie Dimon
742:James Crown
732:Steve Burke
596:Jing Ulrich
574:Jamie Dimon
504:Beacon Rail
245:Andrew Kahr
174:credit card
1174:Categories
784:components
737:Todd Combs
667:Jes Staley
560:executives
509:Chase Bank
307:References
218:Parker Pen
198:California
81:Key people
983:Buildings
939:Providian
859:First USA
721:directors
719:Board of
497:Divisions
370:0362-4331
216:In 1981,
112:Marketing
94:President
1134:Category
809:Bank One
558:Notable
514:Chase UK
295:and the
230:subprime
118:Products
108:Planning
96:, &
90:Chairman
52:Industry
1146:Commons
567:current
375:July 4,
342:July 4,
212:History
128:Revenue
62:Founded
605:former
368:
337:Forbes
204:, and
151:Parent
135:(2004)
47:: PVN)
41:Public
576:(CEO)
223:Aegon
206:Texas
145:3,500
377:2014
366:ISSN
344:2014
262:US$
254:US$
186:US$
110:and
65:1997
45:NYSE
133:USD
103:CFO
98:CEO
1176::
360:.
335:.
208:.
200:,
92:,
88:,
482:e
475:t
468:v
407:.
393:.
379:.
346:.
43:(
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
