Two ongoing lawsuits and mounting consumer complaints cast a shadow on Cardinal Financial’s practices. Allegations range from telemarketing violations to misleading securities filings and unfair debt collection tactics. While Cardinal denies wrongdoing, potential customers should proceed with caution and do thorough research.
- Telemarketing Lawsuit (2021): Accuses Cardinal of violating the TCPA by making unwanted calls to consumers without consent. In 2023, a $7.2 million settlement was reached, though the lawsuit technically remains pending.
- Securities Lawsuit (2022): Claims Cardinal misled investors with a false prospectus and proxy statement regarding its merger, potentially violating federal securities laws. The lawsuit is ongoing.
- Consumer Financial Protection Bureau (CFPB) Complaints: Multiple complaints allege unfair debt collection, deceptive marketing, and customer service issues. The CFPB is currently investigating Cardinal, with the outcome and timeline uncertain.
| Complete Date | Case | Citation | Court | Short Summary |
|---|---|---|---|---|
| 2021 | Beck et al. vs. Cardinal Financial | Pending | US District Court | Alleged TCPA violations for unauthorized telemarketing calls – $7.2 million settlement reached in 2023. |
| 2022 | Investors Trust vs. Cardinal Financial | Pending | US District Court | Accused of misleading investors with false prospectus and proxy statement regarding merger. |
| Ongoing | Various | N/A | CFPB | Complaints alleging unfair debt collection, deceptive marketing, and customer service difficulties. Investigation ongoing. |
Additional Points:
- Cardinal denies all allegations of wrongdoing in both lawsuits and the CFPB investigation.
- The ongoing legal and regulatory actions raise concerns about potential risks for consumers considering business with Cardinal.
- Thorough research and careful review of contractual terms are crucial before engaging with Cardinal Financial.
Resources:
- Consumer Financial Protection Bureau (CFPB): https://www.consumerfinance.gov/
- Securities and Exchange Commission (SEC): https://www.sec.gov/
- Federal Trade Commission (FTC): https://www.ftc.gov/
Disclaimer: This information is for general knowledge only and does not constitute legal or financial advice. Please consult with qualified professionals for specific guidance.
