Legal News Articles - Financial
August 28, 2018. By Anne Wallace.
Read [ CFPB Moves to Protect Students from Overdraft Fees ]
Washington, DC On July 20, 2018, the Bureau of Consumer Financial Protection (CFPB) offered to settle its claim that TCF National Bank engaged in deceptive practices to market its overdraft protection services. In its bank overdraft fees lawsuit the CFPB alleged that these practices affected students at the University of Minnesota, with which TCF has a beneficial financial relationship. As their bright young things head off to college, should parents be concerned? Students and other inexperienced and lower income banking customers are particularly vulnerable to excessive overdraft fee schemes.
August 9, 2018. By Anne Wallace.
Read [ Ninth Circuit Says Pension Plan Participants Cannot be Forced to Arbitrate ]
San Francisco, CA On July 24, 2018, the Ninth Circuit held that the plaintiffs in a pension plan lawsuit could continue their legal fight as a class action, rather than having to arbitrate individually.Munro v. University of Southern California is a major victory for ERISA plan participants who were required to sign individual arbitration agreements as a condition of employment. The Court likened these ERISA lawsuits to whistle blower lawsuits–essentially viewing the plaintiffs as public prosecutors acting in defense of the pension plan itself. This is a very broad argument that may ultimately have wider legal implications.
July 27, 2018. By Jane Mundy.
Washington, DC: You may have been charged excessive bank overdraft fees unknowingly. Or maybe you filed a bank overdraft fees lawsuit some time ago to fight back against the banks. If so, you may be able to make money from the banks, namely Bank of America, Wells Fargo, JPMorgan Chase and TCF National Bank.Read [ Time For Banks To Pay Up: Excessive Overdraft Fees Lawsuits Settled ]
July 9, 2018. By Anne Wallace.
Read [ Aon Hewitt Named (again) in Double-Dealing Retirement Plan Lawsuit ]
Charlotte, NC In April 2018, Benjamin Reetz filed a class action ERISA lawsuit on behalf of himself and other participants in the Lowe’s 401(k) Plan. The lawsuit claims that Aon Hewitt, the plan’s investment advisor, lined its pockets by recommending one of its own poorly performing investment funds. Lowe’s then fell down on the job by failing to catch what Aon Hewitt was doing. Wait, you think, didn’t I read this before, but was it about Home Depot or maybe Invesco?
June 20, 2018. By Anne Wallace.
Madison, WI: In March 2018, Matthew Domann filed a class action lawsuit against Summit Credit Union alleging that since 2010, SCU has wrongfully charged overdraft fees to checking account customers throughout Wisconsin. The credit union lawsuit details a practice of placing “holds” on pending debit card transactions and deposits to artificially depress the account balances and then reordering the transactions to maximize the number of overdraft fees assessed.Read [ Credit Union Lawsuit Cites Excessive Overdraft Fees ]
June 13, 2018. By Anne Wallace.
Atlanta, GA On May 24,2018, participants in the Invesco 401(k) Plan filed an ERISA lawsuit in the Northern District of Georgia. The ERISA lawsuit contends that Invesco, Ltd. profited from the ERISA plan it offered to employees. The situation is rife with potential conflicts of interest because the employer, a plan fiduciary, is also an investment manager. Lest we lose track in this tangled web, self-dealing is against the law.Read [ Invesco Accused of Treating ERISA Plan Participants as Captive Investors ]
May 22, 2018. By Anne Wallace.
Washington, DC On May 10, 2018, the Consumer Financial Protection Bureau (CFPB) quietly scuttled proposed consumer overdraft protection regulations, moving them to the inactive list until some undefined, unknown day in the future when a permanent director is named. Meanwhile, banks and credit unions continue to rake in fees through questionable practices, including some arguably strained definitions of phrases like “not enough money.” Fortunately for consumers, the plaintiffs’ bar soldiers on, pursuing excessive overdraft fees lawsuits on their behalf.Read [ Death by Delay – CFPB Defers Credit Union Overdraft Regulations into Indefinite Future ]
May 9, 2018. By Anne Wallace.
Atlanta, GA On April 12, 2018, two Home Depot 401(k) plan participants, Jaime Pizarro and Craig Smith, filed an ERISA lawsuit in the U.S. District Court of the Northern District of Georgia. The complaint alleges that The Home Depot breached its duty to Plan participants in three ways: by choosing poorly-performing investment options, allowing investment advisors to charge unreasonable fees and ignoring a kickback scheme between an investment adviser and the plan’s record keeper. A nickel here, a buck and half there – it adds up.Read [ Home Depot Employees File ERISA Class Action Lawsuit over 401(k) Mismanagement ]
March 22, 2018. By Gordon Gibb.
San Francisco, CA: An ERISA lawsuit that alleged fiduciary failings on the part of principles involved with Accuracy Glass & Mirror Co. Inc. (Accuracy) was lost when appellate justices with the Ninth Circuit affirmed a lower court ruling that dismissed, in part, the pension plan lawsuit.Read [ Are Missed Contributions Considered Plan Assets Under ERISA? ]
March 19, 2018. By Gordon Gibb.
Manhattan, NY: When the 2nd US Circuit Court of Appeals returned an excessive bank overdraft fees lawsuit to the originating lower US District Court for the District of Manhattan for further proceedings – thus reviving the proposed class action lawsuit – the defendant in the case was told its overdraft fee rules were ambiguous, amongst other rulings that put the plaintiffs and those similarly affected back into the drivers’ seat.Read [ Big Banks Don’t appear to be Getting the Message over Excessive Banking Fees ]
- It's Alive! Class Action Lawsuit against Capital One Bank is Back On By Anne Wallace (Feb-18-18)
- Plaintiffs Litigating ERISA Lawsuit v. Oracle Corp. Achieve Class Action Status By Gordon Gibb (Feb-15-18)
- Are ER’s Cashing in on Upcoding? By Anne Wallace (Feb-3-18)
- Creditor Held in Contempt of Court for Violating Automatic Stay By LAS Staff Writer (Jan-26-18)
- Plaintiffs in Class Action ERISA Lawsuit Allege Breach of Fiduciary Duties By Gordon Gibb (Jan-23-18)
- Despite Recent Settlements, Banks Still Bilking Consumers Out of Billions By Gordon Gibb (Jan-19-18)
- Overdraft Fees Chewing Up Consumers By Brenda Craig (Dec-29-17)
- Are Continuous Overdraft Fees Like Illegal Payday Loans? By Anne Wallace (Nov-25-17)
- Bank of America to Settle Excessive Fees Class Action for $66.6 Million By Gordon Gibb (Nov-10-17)
- ER Bills and Hospital Overcharging: It’s Not Getting Any Better By Gordon Gibb (Oct-30-17)
- It Just Got Harder to Sue Your Bank for Excessive Overdraft Fees By Anne Wallace (Oct-30-17)
- Equifax Breach Led to Real Life Problems says Class Action By Brenda Craig (Oct-27-17)
- Wells Fargo Now Favors Arbitration in Long-Running Overdraft Fees Lawsuit By Gordon Gibb (Oct-16-17)
- California ‘Bad Faith’ Claim in Disability Denial Lawsuit By Anne Wallace (Oct-15-17)
- Unum Group Appears as Innocent Bystander in Insurance Denial Lawsuit By Gordon Gibb (Oct-13-17)
- Attorney Files Equifax Class Action Lawsuit By Jane Mundy (Sep-25-17)
- Banks Fight Excessive Overdraft Suits with Bid for Arbitration By Anne Wallace (Sep-8-17)
- Whistleblower Alleges Healthcare Fraud in Lawsuit By Gordon Gibb (Sep-7-17)
- Disgruntled Connecticut Account Holder Sues People’s United Bank over Fees By Gordon Gibb (Sep-3-17)
- Disability Insurance is not a Slam Dunk says Lawyer By Brenda Craig (Aug-15-17)
- Republican Lawmakers Want to Retract New Consumers Rights to Excessive Bank Fees Class Actions By Gordon Gibb (Aug-3-17)
- Tipsters Play Huge Role in Rooting Out Financial Fraud By Brenda Craig (Aug-2-17)
- Labor Department Orders Wells Fargo to Reinstate Whistleblower and Pay $577,000 in Back Wages By Deb Hipp (Jul-27-17)
- Denied Disability Plaintiffs Overdue for Unum’s Cutting Board? By Jane Mundy (Jul-20-17)
- Study Finds Consumers Complain Most About Banks With Highest Overdraft Fee Revenue By Deb Hipp (Jul-19-17)
- Sears Facing 401K Class Action Lawsuit By Lucy Campbell (Jul-19-17)
- The Best Strategy for Dealing with Proof of Disability Letters By Brenda Craig (Jun-7-17)
- An Award-Winning Employee Culture at Unum Can’t Stop Lawsuits By Gordon Gibb (May-27-17)
- Payments Flowing to State Sponsored Terrorism Victims, but Lawsuits Continue By Gordon Gibb (May-20-17)
- $8M Settlement Reached in Omnicare False Claims Suit By Lucy Campbell (May-18-17)
- BOK Financial $7.8 Million Class Action Settlement Headed For Final Approval By Deb Hipp (May-11-17)
- Calls for Increased Regulation of Car Title Loans Increasing By Gordon Gibb (May-5-17)
- Lack of State Oversight Prompting Texas City to Act By Gordon Gibb (Apr-24-17)
- Wells Fargo’s Pursuit of Arbitration a Waste of Resources: Plaintiffs By Gordon Gibb (Apr-24-17)
- Study Finds That People With Lowest Incomes Pay Most in Bank Overdraft Fees By Deb Hipp (Apr-11-17)
- New Law May Allow 9/11 Families to Take Saudi Government Officials to Court By Deb Hipp (Mar-21-17)
- The Predatory Lending Cycle of the Car Title Loan By Gordon Gibb (Mar-13-17)
- New Report Shows 10 Banks Account for 67 Percent of Overdraft Fee Revenue By Deb Hipp (Feb-28-17)
- Qui Tam Whistleblowers and Healthcare Fraud: “It’s a Completely Criminal Enterprise” By Jane Mundy (Feb-19-17)
- $15.3 Million Settlement over Predatory Lending By Gordon Gibb (Feb-10-17)