BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims against Meta Financial Group, Inc. (“Meta Financial” or the “Company”) (NASDAQ:CASH) concerning possible breaches of fiduciary duties by the Company or its fiduciaries. Meta Financial operates as the holding company for MetaBank, which offers various banking products and services in Iowa and South Dakota.
The investigation concerns a determination by the U.S. Department of the Treasury’s Office of Thrift Supervision (OTS) that Meta Financial engaged in “unfair or deceptive acts or practices” in violation of Section 5 of the Federal Trade Commission Act and the OTS Advertising Regulation in connection with the Bank’s operation of the iAdvance program. Following the OTS investigation Meta Financial, among other things, was forced to discontinue the iAdvance program and entered into a Cease and Desist Order whereby MetaBank agreed to provide an aggregate reimbursement amount of $4.8 million to iAdvance customers affected by the Bank’s failure to implement a recurring use plan.
If you purchased Meta Financial stock and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.