NEW YORK, Sept. 30, 2016 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that a shareholder derivative lawsuit has been filed in the Court of Chancery of the State of Delaware against current and former officers and directors of Santander Consumer USA Holdings, Inc. (NYSE:SC) (“Santander Consumer USA Holdings” or the “Company”) Santander Consumer USA Holdings is named as a nominal defendant.
Santander Consumer USA Holdings is a specialized consumer finance company focused on vehicle finance and third-party financing. The complaint alleges that the current and former officers and directors breached their fiduciary duties to shareholders. These breaches involved serial and systemic violations of law, evidencing a lawless attitude and a complete lack of systems, processes and/or quality control measures necessary to ensure legal and/or regulatory compliance. These failures began when the Company went public in January 2014, and include repetitive banking violations, and violations of laws designed to protect consumers. In all, the Company’s recurring legal failures have: (i) imposed substantial litigation costs and distractions on the Company and its employees; (ii) compelled the Company to pay or forgo hundreds of millions of dollars as a result of settlements and/or court-ordered judgments; and, (iii) exposed the Company to federal securities law violations and material contingent liabilities.
If you are a current holder of Santander Consumer USA Holdings, and would like more information about the Santander Consumer USA Holdings Shareholder Derivative Action, please visit http://www.safirsteinmetcalf.com/santander.html or contact Sheila Feerick at 1-800-221-0015, or email info@SafirsteinMetcalf.com
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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