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Bank of America to Settle Excessive Fees Class Action for $66.6 Million

Bank of America to Settle Excessive Fees Class Action for $66.6 Million November 10, 2017. By Gordon Gibb.
Los Angeles, CA: Yet another major bank has bowed to litigants enraged over excessive bank overdraft fees, following the announcement of a settlement worth $66.6 million. The bank overdraft fees settlement, designed to end a lawsuit against Bank of America, still requires court approval.
Read [ Bank of America to Settle Excessive Fees Class Action for $66.6 Million ]

It Just Got Harder to Sue Your Bank for Excessive Overdraft Fees

It Just Got Harder to Sue Your Bank for Excessive Overdraft Fees October 30, 2017. By Anne Wallace.
Washington, DC: On October 24,2017, the Senate voted to overturn a Consumer Financial Protection Bureau (CFPB) rule that limited banks’ ability to enforce mandatory arbitration clauses in consumer contracts. While this change is unlikely to alter the course of existing excessive overdraft fee lawsuits, it will make it much harder for consumers to join class actions against giant financial institutions like Wells Fargo, Capital One or Fifth Third in the future.
Read [ It Just Got Harder to Sue Your Bank for Excessive Overdraft Fees ]

Wells Fargo Now Favors Arbitration in Long-Running Overdraft Fees Lawsuit

Wells Fargo Now Favors Arbitration in Long-Running Overdraft Fees Lawsuit October 16, 2017. By Gordon Gibb.
Atlanta, GA: The defendant in an excessive bank overdraft fees lawsuit petitioned an appeals court back in August to compel more than a million Wells Fargo account holders allegedly hit with excessive bank fees to individually pursue a remedy through arbitration, rather than through the courts.
Read [ Wells Fargo Now Favors Arbitration in Long-Running Overdraft Fees Lawsuit ]

Defendant Attempts to Quash TCPA Lawsuit through Unique Interpretation of Law

Defendant Attempts to Quash TCPA Lawsuit through Unique Interpretation of Law September 30, 2017. By Gordon Gibb.
Atlanta, GA: A nuisance call lawsuit that alleges violations under the Telephone Consumer Protection Act (TCPA) against defendant Comenity Bank has taken an interesting detour over revocation of consent.
Read [ Defendant Attempts to Quash TCPA Lawsuit through Unique Interpretation of Law ]

Banks Fight Excessive Overdraft Suits with Bid for Arbitration

Banks Fight Excessive Overdraft Suits with Bid for Arbitration 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 ]

Whistleblower Alleges Healthcare Fraud in Lawsuit

Whistleblower Alleges Healthcare Fraud in Lawsuit 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 ]

Disgruntled Connecticut Account Holder Sues People’s United Bank over Fees

Disgruntled Connecticut Account Holder Sues People’s United Bank over Fees 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 ]

Republican Lawmakers Want to Retract New Consumers Rights to Excessive Bank Fees Class Actions

Republican Lawmakers Want to Retract New Consumers Rights to Excessive Bank Fees Class Actions 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 ]

Tipsters Play Huge Role in Rooting Out Financial Fraud

Tipsters Play Huge Role in Rooting Out Financial Fraud 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 ]

Labor Department Orders Wells Fargo to Reinstate Whistleblower and Pay $577,000 in Back Wages

Labor Department Orders Wells Fargo to Reinstate Whistleblower and Pay $577,000 in Back Wages 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 ]

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