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1
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DERIVATIVE COMPLAINT
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EXTRACTED KEY WORDS
DEFENDANTS PRACTICES DECEPTIVE SALES MISLEADING CUSTOMERS PLAINTIFF MEMBER COST CREDIT CARD LIABILITY CARDHOLDERS PROVIDIAN FINANCIAL CORPORATION MEHTA DAMAGES FEES BUSINESS JUDGMENT NOMINAL DEFENDANT LYLE EVERINGHAM WARREN MCFARLAN GOVERNMENTAL AGENCIES COMPLAINTS PROTECTION CHARGE FEES SETTLEMENT SAN FRANCISCO PROVIDIAN STOCK EDWARD LINNENSCHMIDT STOCKHOLDERS DERIVATIVE ACTION CIVIL DAMAGES |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
EDWARD LINNENSCHMIDT,
derivatively on behalf of Providian CIVIL ACTION NO. /lr'3d/ tic
Financial Corporation,
Plaintiff,
V.
SHAILESH J. MEHTA, JAMES V.
ELLIOTT, JOHN L. WEINBERG,
LYLE EVERINGHAM, J. DAVID
GRISSOM, CHRISTINA L.
DARWALL, RUTH M. OWADES,
F. WARREN McFARLAN, AND
LARRY D. THOMPSON,
Defendants,
and
PROVIDIAN FINANCIAL
CORPORATION, a Delaware 0 i
Corporation,
Nominal Defendant.
IVE COMPLAINT
INTRODUCTION
1. The plaintiff brings this stockholders derivative action on behalf of nominal
Providian Financial Corporation ("Providian" or the "Company"). The individual defendants in this
action are members of Providian's Board of Directors (the "Director Defendants") who acted in bad
faith in authorizing, ratifying or not taking steps to prevent the usage of false, misleading and
deceptive sales tactics to procure customers. Such practices have already cost the Company $300
million in fines and pose additional liability to the Company of several hundred million dollars in
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