Discover Agrees to Settle Class-Action Suit for Overcharging Merchants
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Discover Financial Services, the credit-card firm that agreed to be acquired by Capital One Financial Corp., said it reached an agreement to resolve class-action litigation for overcharging merchants.
The lender, which acknowledged the lapses last year, expects that the $1.2 billion it already set aside for related liabilities will be enough to resolve the matter, according to a regulatory filing Wednesday. The accord is subject to court approval.