Providian Settles

Providian Financial Corp. (NYSE: PVN), a San Francisco-based provider of consumer credit cards, has announced the preliminary settlement of the securities class action pending against the company in the N.D. of Cal. The suit, originally filed in 2001 and about to go to trial, alleges that the company made misrepresentations concerning its operations and prospects. The settlement is for $65 million, to be paid by Providian’s insurance carriers.

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