Legal News Articles - Consumer Banking
September 8, 2017. By Anne Wallace.
Atlanta, GA: Only a nut would sue for $35. Banks count on that when they boost overdraft fees through a technique known as “debit resequencing.” The 2010 changes in banking law that were part of Dodd-Frank have failed to kill the practice. It persists even after a $35 million class-action settlement over Union bank excessive overdraft fees in 2011. One of the banks’ newer schemes to keep this revenue source producing has been to force consumers out of class-action lawsuits and into costly individual arbitration. Only a nut would arbitrate over $35.Read [ Banks Fight Excessive Overdraft Suits with Bid for Arbitration ]
September 7, 2017. By Gordon Gibb.
Camden, NJ: A former employee of Cooper Health System in New Jersey has filed a whistleblower healthcare fraud lawsuit after the paramedic claims he was fired for raising concerns about poor treatment of patients, potential billing fraud and other allegations related to regulatory violations.Read [ Whistleblower Alleges Healthcare Fraud in Lawsuit ]
September 3, 2017. By Gordon Gibb.
Bridgeport, CT: An overdraft fees class action lawsuit appears to be breaking new ground, and creating even bigger waves in the pool of complaints over excessive bank fees; namely, re-ordering transactions in such a way as to force an account into overdraft, thereby affording the offending bank the opportunity to pocket additional fees.Read [ Disgruntled Connecticut Account Holder Sues People’s United Bank over Fees ]
August 3, 2017. By Gordon Gibb.
Washington, DC: In January, 2015 Capital One resolved a class action lawsuit over excessive bank overdraft fees for $31.7 million (In re: Checking Account Overdraft Litigation, case number 1:09-md-02036, in the U.S. District Court for the Southern District of Florida). And that Capital One excessive overdraft fees lawsuit was not unique: a rather large cross section of the banking and credit union industries have been called to the litigation carpet for excessively high fees, re-ordering transactions to generate even more fees, and so on.Read [ Republican Lawmakers Want to Retract New Consumers Rights to Excessive Bank Fees Class Actions ]
August 2, 2017. By Brenda Craig.
New York, NY: The US Securities and Exchange Commission (SEC) has been relentless in its pursuit of wrongdoers in the financial industry. Since 2011 it has recovered $975 million in enforcement actions ranging from elaborate investment schemes to financial advisors that work to benefit themselves rather than investors.Read [ Tipsters Play Huge Role in Rooting Out Financial Fraud ]
July 27, 2017. By Deb Hipp.
San Francisco, CA: The US Department of Labor has ordered Wells Fargo to reinstate a former branch manager whistleblower that the bank fired for reporting bank employees who where secretly opening new accounts for customers without their knowledge or consent.Read [ Labor Department Orders Wells Fargo to Reinstate Whistleblower and Pay $577,000 in Back Wages ]
July 26, 2017. By Brenda Craig.
St. Louis, MO A group of seven farmers are the lead plaintiffs in a class action lawsuit that claims “corporate greed” and “a rush to market” by some of the world’s biggest makers and promoters of agricultural chemicals caused farm crops to wither and die costing farm operators millions of dollars in lost revenue and possibly forcing them to switch all their seed stock to herbicide resistant Monsanto seed in the coming years whether they want to or not.Read [ Not-Ready-for-Market Herbicide Kills Farmers’ Crops ]
July 19, 2017. By Deb Hipp.
Washington, DC: A consumer protection report has found a correlation between the banks that customers complain about most and the amount of revenue from overdraft fees and insufficient funds (NSF) those banks collect.Read [ Study Finds Consumers Complain Most About Banks With Highest Overdraft Fee Revenue ]
July 12, 2017. By Deb Hipp.
San Diego, CA: The parties in a class action against Citibank for alleged Telephone Consumer Protection Act violations have reached a settlement in the lawsuit.Read [ Settlement Reached in Citibank Robocall Proposed Class Action ]
June 19, 2017. By Brenda Craig.
Washington, D.C. Good chance that the bill known as the Financial Choice Act slipped by many Americans when it passed through Congress on June 8, 2017. However, advocacy groups and lawyers involved in consumer litigation and class action lawsuits definitely noticed. They see a world of hurt on the horizon for Americans that run up against the power of big corporations.Read [ Financial Choice Act Threat to Consumer Litigation say Critics ]