Press Release: Plaintiffs Announce $105 Million Settlement Of Class Action Lawsuits Against Providian

SAN FRANCISCO -- December 14, 2000

Plaintiffs in class action litigation pending in the San Francisco Superior Court and the United States District Court, Eastern District of Pennsylvania, are pleased to announce that Providian Financial Corporation and its subsidiaries have agreed to pay $105 million to settle allegations that they engaged in unlawful business practices affecting consumer credit accounts.

Among other things, Plaintiffs allege that Providian violated consumer protection and other laws in connection with the marketing and sale of Providian's add-on products, including Credit Protection, PricePro, Drive Pro, HealthPro, and credit line increases. The settlement, which is subject to court approval, was reached following almost two years of litigation and nine months of mediation. The mediation was conducted before the Honorable Ellen S. James, a retired superior court judge. Plaintiffs' counsel anticipate that class members will be notified of the terms of the settlement in the spring of 2001. Plaintiffs are represented by the law firms of Girard & Green, LLP; Lieff, Cabraser, Heimann & Bernstein, LLP; and the Sturdevant Law Firm, each headquartered in San Francisco, California; Kaplan, Kilsheimer & Fox, LLP, headquartered in New York, New York; and Fine, Kaplan and Black, R.P.C., headquartered in Philadelphia, Pennsylvania.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP is a fifty-plus attorney law firm that has represented plaintiffs nationwide since 1972. We have offices in San Francisco, New York and Nashville. We represent plaintiffs in class and group actions and in individual lawsuits in cases involving substantial losses. For the last six years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation.

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