SAN DIEGO, Oct. 12, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed by an investor in shares of Santander Consumer USA Holdings Inc (NYSE:SC) against certain directors of Santander Consumer USA Holdings Inc. over alleged breaches of fiduciary duties.
Investors who purchased shares of Santander Consumer USA Holdings Inc (NYSE:SC) in 2014 and continue to hold any of those NYSE:SC shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties by exposing the U.S. subsidiary of Banco Santander SA to dozens of lawsuits and potential millions in damages. The plaintiff says that the defendants had a lawless attitude and a complete lack of internal controls necessary to ensure legal and regulatory compliance. The plaintiff claims that Santander Consumer USA Holdings Inc repetitively violated banking regulations and federal and state consumer laws. Specifically, the plaintiff says that Santander Consumer USA Holdings Inc was unable to comply with Federal Reserve guideline, and also lacked the proper controls to comply with the Telephone Consumer Protection Act, the Fair Debt Collection Practices Act, the Truth in Lending Act, the Fair Credit Reporting Act and the Service members Civil Relief Act, as well as federal securities laws, and similar state and local statutes.
Among other things, the plaintiff alleges that Santander Consumer USA Holdings Inc also violated state repossession laws, which led to class actions in California and Massachusetts, and have led thus far to Santander Consumer USA Holdings Inc foregoing over $220 million in collectible debt and deficiency balances, as well as agreeing to pay almost $2 million to class members. The plaintiff claims that Santander Consumer USA Holdings Inc also violated the Telephone Consumer Protection Act and similar state consumer protection laws and has been hit with over 30 lawsuits under those statutes and almost 50 lawsuits alleging Fair Debt Collection Practices Act or related state law violations.
Those who purchased shares of Santander Consumer USA Holdings Inc in 2014 and continue to hold any of those NYSE:SC shares should contact the Shareholders Foundation, Inc at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.