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Faruqi & Faruqi, LLP is Investigating TCF Financial Corporation (TCB) on Behalf of its Shareholders

Montag, 23.01.2017 22:00 von PR Newswire

PR Newswire

NEW YORK, Jan. 23, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential misconduct at TCF Financial Corporation ("TCF" or the "Company") (NYSE:TCB).

Faruqi & Faruqi, LLP

The investigation focuses on whether the Company's Board of Directors and/or its officers committed mismanagement and breached their fiduciary duties in connection with the Company's overdraft protection program. On January 19, 2017, the Consumer Financial Protection Bureau ("CFPB") filed a complaint against TCF National Bank ("TCF National"), the Company's principal subsidiary, alleging that the Company "devised and then executed a strategy to persuade its customers to opt in [to TCF National's overdraft service]."  According to an article by The Wall Street Journal ("WSJ"), "[a] Federal Reserve rule that took effect in 2010 prohibited banks from charging overdraft fees for ATM withdrawals or most debit card transactions unless the consumer has signed up for such services ahead of time."  The WSJ article also stated that "[t]he CFPB alleges that [TCF National] designed its account application process to obscure fees and make overdraft seem mandatory for new customers to open accounts despite federal rules requiring banks to receive customer consent before enrolling them into such programs."  

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Take Action

If you currently own TCF stock and would like to discuss your legal rights, please visit You can also contact us by calling Nina Varindani toll free at (212) 983-9330 or by sending an e-mail to  Faruqi & Faruqi, LLP also encourages anyone with information regarding TCF's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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685 3rd Avenue, 26th Floor
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Attn: Nina Varindani
Telephone: (212) 983-9330

Attn:  Stuart Guber
Telephone: (215) 277-5770

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SOURCE Faruqi & Faruqi, LLP