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Stock impact report

Discover Delays Filing Over Accounting Disagreement With SEC [Yahoo! Finance Canada]

Capital One Financial Corporation (COF) 
Last capital one financial corporation earnings: 4/23 04:05 pm Check Earnings Report
Most Read from Bloomberg The company said in a filing Wednesday that it was unable to file the 10-Q form for the three months through Sept. 30 by the required date after SEC staff disagreed with “certain aspects of the company's accounting approach for the card product misclassification matter.” Discover disclosed last year that it overcharged merchants after misclassifying certain credit-card accounts into its highest pricing tier, and the Chief Executive Officer stepped down as compliance woes mounted. The credit-card company said in July that it had reached an agreement to settle class-action litigation with the affected retailers, and that it expected the $1.2 billion it already set aside for related liabilities to be enough to resolve the issue. Discover expects that when it files its 10-Q form, it will likely reflect re-allocations to prior periods of about $600 million of the charge to other expenses recorded in its quarterly report for the period ended March 31, it said Show less Read more
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