295:, 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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310:. 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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262:
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
231:
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
207:, 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
283:
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.
260:"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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243:" 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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416:"Providian gets $ 300 million spanking, ends suit over "deceptive" practices"
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TECHNOLOGY; Providian
Settles Credit Card Lawsuit by Paying $ 105 Million
118:
100:
236:, Providian's credit card business was spun off as a separate company.
203:, 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
458:
David
Alvarez's 12.2 million profit opened Nexxo Financial
247:(APR) charged by Providian were as high as 29.9 percent.
369:"Providian Unit to Be Sold To Aegon for $ 2.6 Billion"
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271:sold all his stock having a value of approximately
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239:Providian was a company that sold credit in the "
450:Providian Gripe Site - One Cardholders Nightmare
298:Providian National Bank and its parent company,
258:, asked company executives about its customers:
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8:
250:In a March 1999 memorandum published by the
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1101:Indiana Michigan Power Center (Fort Wayne)
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478:
470:
31:
308:San Francisco District Attorney’s Office
1106:JPMorgan Chase Building (San Francisco)
331:Providian Financial Corporation History
323:
436:, San Francisco Chronicle, May 5, 2002
112:Anthony F. Vuoto, Vice Chairman &
1191:Defunct companies based in California
930:National Bank of Commerce in New York
7:
1151:
1021:270 Park Avenue (2021–present)
815:Banca Commerciale Italiana Trust Co.
402:"$ 300 Million Providian Settlement"
920:Mechanics and Metals National Bank
460:, nexxofinancial.com, Nov 29, 2010
342:Gorham, John (December 10, 2001).
25:
1066:Chase Tower (Englewood, Colorado)
1016:270 Park Avenue (1960–2021)
442:How Providian misled card holders
434:How Providian misled card holders
1196:Companies based in San Francisco
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875:Fourth National Bank of New York
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117:Warren Wilcox, Vice Chairman of
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980:Valley National Bank of Arizona
181:Providian Financial Corporation
33:Providian Financial Corporation
1111:JPMorgan Chase Tower (Houston)
287:On November 7, 2000, the Hon.
254:, the founder of the company,
1:
860:Dime Savings Bank of New York
541:Highbridge Capital Management
452:, ProvidianFinancialSucks.com
314:by a bank regulatory agency.
850:Continental Bank & Trust
312:Federal Trade Commission Act
1081:Chase Tower (Oklahoma City)
1212:
1071:Chase Tower (Indianapolis)
534:Chase Card Services Canada
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1121:One Chase Manhattan Plaza
807:American Savings and Loan
557:
444:, SFGate.com, May 5, 2002
201:San Francisco, California
85:San Francisco, California
37:
975:Trust Company of America
925:National Bank of Detroit
169:(at time of acquisition)
1091:Chase Tower (Rochester)
1076:Chase Tower (Milwaukee)
955:Robert Fleming & Co
653:William B. Harrison Jr.
252:San Francisco Chronicle
245:annual percentage rates
183:was one of the leading
1046:Chase Tower (Amarillo)
940:New York Trust Company
1086:Chase Tower (Phoenix)
1061:Chase Tower (El Paso)
1051:Chase Tower (Chicago)
970:The Manhattan Company
960:State Bank of Chicago
915:Manufacturers Hanover
890:HF Ahmanson & Co.
885:Hambrecht & Quist
668:Douglas A. Warner III
633:Junius Spencer Morgan
375:. December 31, 1996.
167:Washington Mutual Inc
67:Finance and Insurance
1056:Chase Tower (Dallas)
840:Chase Manhattan Bank
825:Bank United of Texas
643:Henry Sturgis Morgan
623:John Pierpont Morgan
591:Mary Callahan Erdoes
537:EMC Mortgage Company
191:when it was sold to
965:Texas Commerce Bank
811:Anchor Savings Bank
698:Dennis Weatherstone
551:One Equity Partners
300:Providian Financial
152:Number of employees
50:Acquired; formerly
34:
29:Credit card issuers
18:Providian Financial
1126:The Qube (Detroit)
1031:383 Madison Avenue
935:National Park Bank
905:JP Morgan & Co
880:Great Western Bank
855:Corn Exchange Bank
779:Phebe N. Novakovic
546:JP Morgan & Co
373:The New York Times
279:Class action suits
195:for approximately
133:Financial services
97:Joseph W. Saunders
1178:
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985:Washington Mutual
802:American Fletcher
724:
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663:Walter V. Shipley
648:David Rockefeller
205:Washington Mutual
193:Washington Mutual
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16:(Redirected from
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895:Indiana National
784:Virginia Rometty
708:Winthrop Aldrich
693:Thomas W. Lamont
688:James B. Lee Jr.
628:J. P. Morgan Jr.
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530:Chase Paymentech
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344:"Card Player"
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1116:McCoy Center
1096:Chater House
1036:Chase Center
949:
830:Bear Stearns
775:Michael Neal
716:Steven Black
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384:. Retrieved
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351:. Retrieved
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174:(since 2008)
81:Headquarters
47:Company type
26:
1169:Wikiversity
1041:Chase Field
945:Ord Minnett
793:Historical
758:Jamie Dimon
753:James Crown
743:Steve Burke
607:Jing Ulrich
585:Jamie Dimon
515:Beacon Rail
256:Andrew Kahr
185:credit card
1185:Categories
795:components
748:Todd Combs
678:Jes Staley
571:executives
520:Chase Bank
318:References
229:Parker Pen
209:California
92:Key people
994:Buildings
950:Providian
870:First USA
732:directors
730:Board of
508:Divisions
381:0362-4331
227:In 1981,
123:Marketing
105:President
1145:Category
820:Bank One
569:Notable
525:Chase UK
306:and the
241:subprime
129:Products
119:Planning
107:, &
101:Chairman
63:Industry
1157:Commons
578:current
386:July 4,
353:July 4,
223:History
139:Revenue
73:Founded
616:former
379:
348:Forbes
215:, and
162:Parent
146:(2004)
58:: PVN)
52:Public
587:(CEO)
234:Aegon
217:Texas
156:3,500
388:2014
377:ISSN
355:2014
273:US$
265:US$
197:US$
121:and
76:1997
56:NYSE
144:USD
114:CFO
109:CEO
1187::
371:.
346:.
219:.
211:,
103:,
99:,
493:e
486:t
479:v
418:.
404:.
390:.
357:.
54:(
20:)
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