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Santander Consumer USA faces 2 class-action suits

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Santander Consumer USA faces 2 class-action suits

SantanderConsumer USA Holdings Inc. is facing two securities class-actionlawsuits alleging that the company made false statements in its filings.

The complaints claim that the company made misleadingstatements and failed to disclose material adverse facts in its prior annualand quarterly reports in connection with its change in methodology forestimating its allowance for credit losses and correction of such allowancesfor prior periods in the company's annual report on Form 10-K for the yearended Dec. 31, 2015.

The lawsuits were filed in the U.S. District Court for theNorthern District of Texas on behalf of a class who purchased the company'ssecurities between Feb. 3, 2015, and March 15, 2016, against the company,certain of its current and former directors and executive officers.

The complaints seek damages and other relief from thecompany, according to a Form 10-Q filed May 5.