Posts Tagged ‘ Bank of America ’
Week Adjourned: 2.11.11
February 11th, 2011. By LucyC
Top Class Actions
Proctor & Gamble in a fix over Fixodent—they got hit with a class action lawsuit this week over allegations that their product caused the plaintiffs neurological illness.
According to an investigative report by ABC News, the two lead plaintiffs, Mark Jacoby of New York and Anne Coffman of Maine, are both wheelchair bound as a result of being exposed to high levels of the mineral zinc—also known as zinc poisoning. Zinc poisoning interferes with the ability of the body to absorb copper. Both Jacoby and Coffman, and their respective physicians reportedly believe that their health problems are a result of the zinc found in Fixodent.
Just in case zinc poisoning is news to you—a paper published in Neurology in 2008 showed that “Denture cream contains zinc, and chronic excessive use may result in hypocupremia and serious neurologic disease.” In 2009, Proctor & Gamble updated the warning label on Fixodent stating that “prolonged zinc intake may be linked to adverse health effects.”
Just as an fyi—products linked to the denture cream poisoning also include PoliGrip, and Super PoliGrip.
Top Settlements
Bet Pfizer had some hot flashes this week. The maker of the hormone replacement therapy (HRT) Prempro, agreed to pay $330 million this week, to resolve claims that the menopause drug caused breast cancer. The settlement brings to an end eight years of litigation including some 2,200 related Prempro lawsuits that alleged Wyeth, the company that developed Prempro and was subsequently bought out by Pfizer, knew of the cancer risk but was not forthcoming about it.
According to Bloomberg, over 6 million women used Prempro and other related menopause medications to treat symptoms such as mood swings and hot flashes. Then, in 2002, results from a large cohort study, The Women’s Health Initiative, showed a link to cancer.
Pfizer reportedly faced over 10,000 lawsuits alleging that Prempro caused breast cancer in its users. The company has settled many of them in the past five months, Bloomberg reports. Those settlements include “8,000 cases consolidated in federal court in Arkansas and other cases in state courts in Pennsylvania, Nevada and Minnesota.”
BofA over its limit on overdraft fees. A federal lawsuit alleging that America’s largest bank charged excessive overdraft fees looks likely to be settled. BofA reportedly states in a recent court filing that it has reached a memorandum of understanding to settle the claims in the suit by paying $410 million. Isn’t that really just giving the money back to the people it was gouged from in the first place? That is, if the settlement is approved in court.
The suit is one of several filed against several banks from plaintiffs in 14 states, which were consolidated in a federal court in Florida. Other banks named in related suits include Wells Fargo and Citibank.
Be interesting to see how this plays out.
In the meantime—I’ll see you at the bar—coz that’s it for this week.
Week Adjourned: 12.31.10
December 31st, 2010. By LucyC
Top Lawsuits
This lawsuit is a suitable close to a year of lawsuits against big and small banks alike for conduct not befitting a cockroach.
Bank of America (BoA) and BAC Home Loans Servicing are facing a potential class action lawsuit over allegations that they refused to participate in foreclosure prevention programs even though they had accepted $25 billion in financing from the federal government through the Troubled Asset Relief Program (TARP).
Lead plaintiff Susan Fraser claims that by taking the TARP funds, BoA agreed to participate in at least one TARP-authorized program to minimize foreclosures. In April 2007, BoA signed a contract with the US Treasury stating that it would comply with the Home Affordable Modification Program (HAMP) to perform loan modifications and other foreclosure prevention services.
The suit also alleges that the HAMP program requires BoA to identify loans that are subject to modification; collect financial and other personal information from the homeowners to evaluate whether the homeowner is eligible for modification; institute a modified loan with a reduced payment amount as per a mandated formula that is effective for a three-month trial period; and provide a permanently modified loan to those homeowners who comply with the requirements during the trial period.
“Though Bank of America accepted $25 billion in TARP funds and entered into a contract obligating itself to comply with the HAMP directives and to extend loan modifications for the benefit of distressed homeowners, Bank of America has systematically failed to comply with the terms of the HAMP directives and has regularly and repeatedly violated several of its prohibitions,” the complaint states.
Wait—there’s more. The complaint also states, “Bank of America’s delay and obstruction tactics Read the rest of this entry »
Week Adjourned: 10.29.10
October 29th, 2010. By LucyC
Top Class Actions
What’s the word de jour? Foreclosure—actually—make that Foreclosure Class Actions. This week saw several foreclosure lawsuits filed against big banks. Possibly the most recent, was filed against BAC Home Loans Servicing, which is a subsidiary of Bank of America Corporation, and successor in interest to Countrywide Home Loans Servicing; Deutsche Bank National Trust Company; and U.S. Bank National Association. The suit was filed on behalf of all those property owners who lost title to their property in foreclosure proceedings based on false and perjurious affidavits filed by the banks and their servicing companies.
Perjurious affidavits? What the heck are those, you ask? Well like everything, foreclosure is a business—a business that seemingly works on volume. Apparently, the banks have been hiring so-called “robo signers” or “affidavit slaves”—employees who literally sign hundreds of foreclosure documents a day, according to the Wall Street Journal, without carefully reviewing their contents. The Washington Post recently ran a story on a man who has signed as many as 10,000 foreclosure documents in one month.
Back to the lawsuit. The BAC suit alleges that the defendant banks obtained wrongful foreclosures by abusing the court process and submitting affidavits that were false, even though sworn to under penalty of perjury, as the basis for obtaining foreclosure judgments. They seek to restore title to the property owners.
Another foreclosure class action filed this week also named the omnipresent Bank of America (BoFA) as a defendant, not surprising since BoFA reportedly holds one in five mortgages in the Read the rest of this entry »
Homeowners Latest Grind: Foreclosure Mills
October 28th, 2010. By LucyC
It seems that the banks just can’t stay out of the news these days—for all the wrong reasons. In addition to claims that they charge excessive fees and suspect overdraft charges, several banks are now facing lawsuits filed by emboldened homeowners, presumably with nothing left to lose, over their foreclosure procedures. And it looks like the homeowners may just have grounds.
Case in point, Bank of America (BoFA) was hit with a class action lawsuit in New Jersey last week by homeowners who allege the lender disregarded foreclosure process rules. Earlier this month BoFA imposed a nationwide moratorium on foreclosures and the sale of foreclosed homes after a government agency told BoFA it was worried about documentation problems.
Documentation problems? Read on…
It seems the banks have been hiring so-called “robo signers” or “affidavit slaves”—employees who literally sign hundreds of foreclosure documents a day, according to the Wall Street Journal, without carefully reviewing their contents. The Washington Post recently ran a story on a man who has signed as many as 10,000 foreclosure documents in one month. And, the suit brought against BoFA cites a statement made by a bank official in a Massachusetts foreclosure case who admitted signing thousands of foreclosure complaints without reviewing them.
Keep in mind that these people’s signatures—robo signers’ signatures—act as witness to the Read the rest of this entry »
What’s Got You Annoyed? Take a Look…
June 28th, 2010. By AbiK
I have this little Monday morning ritual where I take a look at all the comments and claims that come in to LawyersAndSettlements.com over the weekend. Seems that’s when a lot of folks allow themselves a moment or two to think about what’s really pissing them off. Things like defective products, denied insurance claims, whatever. But there are always a few topics that folks write in about that seem to hit a common nerve (or, shall I say, that proverbial last nerve?).
So just in case you were wondering, here are some things that have you annoyed today…
- GM Saturn transmissions
- Hyundai Tiburon clutch issues
- Overtime Pay (or the lack thereof)
- Trex Decks–things like mold growth and surface “flaking”
- Bank of America
- BP Oil Spill
- CertainTeed roof shingles
- Citizens Bank
- PRA LLC (debt collection)
- Amiodarone (heart medicine)
Ok folks—I know I must be missing some here—so feel free to add to the list. Oh, and for the record, health insurance companies are what’s pissing me off today. Try this one on for size: I just received a Statement of Benefits that’s indicates my “Group” is an employer I haven’t worked for in five years—and yes, my medical provider had the correct insurance plan information. So what do you think happened to the claim? DENIED.
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