NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into TCF Financial Corporation (NYSE: TCB).
On January 19, 2017, the Consumer Financial Protection Bureau (“CFPB”) filed a lawsuit against TCF Financial Corporation’s principal subsidiary, TCF National Bank (“TCF”), alleging that TCF illegally “devised and then executed a strategy to persuade its customers to opt in” to costly overdraft protections that generated millions of dollars in revenue. The CFPB alleges that TCF designed its application process to obscure the fees and make overdraft seem mandatory for new customers to open an account. The CFPB also asserted that TCF adopted a loose definition of consent for existing customers in order to opt them into the service and pushed back on any customer who questioned the process.
KSF’s investigation is focusing on whether TCF Financial Corporation’s officers and/or directors breached their fiduciary duties to TCF Financial Corporation’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-time holder of TCF Financial Corporation shares, and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.