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  • Bank of America 401(k) Plan Investigation
    In January, 2008, Bank of America Corporation ("Bank of America" or the "Company") (NYSE: BAC) has announced that it had writedowns of $5.28 billion to reflect collateralized debt obligations ("CDO's"). As a result, the value of Bank of America stock owned through the Bank of America 401(k) Plans (the "Plans"), has fallen dramatically. Bank of America...
  • Excessive Bank Overdraft Fees Lawsuit News & Legal Information
    Several banks and credit unions have faced allegations that they used deceptive practices in charging customers excessive overdraft fees. Allegations have been made about excessive bank overdraft fees . Specifically, customers of some banks allege that they have been the victims of excessive overdraft fees and that banks have used misrepresentation of acc...
  • Time For Banks To Pay Up: Excessive Overdraft Fees Lawsuits Settled
    Jul-27-18 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. Bank Overdraft Fees Under the law, a ban...
  • Synchrony Bank Lawsuit Information and Legal News
    Synchrony Bank has been accused of violating the Telephone Consumer Protection Act and violating the Fair Debt Collection Practices Act (FDCPA). Thousands of people nationwide who received artificial or automatic telephone dialing systems were involved in the Synchrony Bank TCPA Class Action Lawsuit and Synchrony Bank settlement . Since the settl...
  • Fifth Third Bancorp Excessive Overdraft Fees Lawsuit Information
    Fifth Third Bank and other financial institutions have faced allegations that they used deceptive practices in charging customers excessive overdraft fees. In 2011, Fifth Third Bank settled a class action filed on behalf of customers claiming they were charged excessive overdraft fees due to "reordering" of transactions in order to create overdraft...
  • TD Bank Hit with Excessive Bank Overdraft Fees Lawsuit
    Jul-9-20 Camden, NJ  On June 24, Judith Jimenez filed a class action bank overdraft fees lawsuit claiming that TD Bank, NA re-opened her checking account, which the bank had previously closed, for the express purpose of charging her an overdraft fee. Mission accomplished, the bank then closed her account again – all without her authorization. The laws...
  • Bank of America Subprime Losses: Can 401k Plans Recover?
    Feb-11-08 Charlotte, NC Not only do holders of Bank of America 401(k) plans have a reason to worry, given the falling fortunes of a major player in the banking industry, but according to comments attributed to the Bank's chairman and chief executive, things aren't expected to improve anytime soon. Kenneth D. Lewis has been at the helm of Bank of America since 2...
  • US Bank Hoping to Recoup Portion of $55 Million Settlement from Insurers
    Dec-29-15 St. Paul, MN: An excessive bank overdraft fees lawsuit and resulting settlement has been embroiled in an extended legal conflict not between the defendant bank and its customers, but rather an ongoing dispute between US Bancorp (US Bank NA, US Bank) and two of its insurers. The issue is how much of the $55 million settlement agreed to by US Bank would...
  • Customers Affected by Excessive Overdraft Fees
    Aug-11-10 Dallas, TX It may seem simple enough to stay out of overdraft in a bank account, but some bank customers say they are being forced into overdrawing their accounts and then paying excessive overdraft bank fees as a result. They say bank practices such as holding check deposits and reordering transactions are costing them dearly in excessive overdraft fe...
  • Wells Fargo Excessive Overdraft Fees Legal News & Lawsuit Information
    Wells Fargo Bank and other financial institutions have faced allegations that they used deceptive practices in charging customers excessive overdraft fees. Federal rules that took effect in 2010 no longer allow banks and credit unions to charge overdraft fees on ATM or debit card transactions unless the bank customer agrees to "opt-in" to overdraft...
  • New Report Shows 10 Banks Account for 67 Percent of Overdraft Fee Revenue
    Feb-28-17 Boston, MA: A recent report revealed that out of more than 600 banks, 10 of those banks accounted for a huge percentage of all reported bank overdraft fees revenue collected through the first three quarters of 2016. According to a December 2016 consumer protection report published by the US Public Interest Research Group (US PIRG), 626 large bank...
  • Bank of America Faces Securities Fraud Lawsuit
    Aug-11-13 Charlotte, NC Bank of America faces a securities fraud lawsuit, alleging the company misled investors regarding the risks of mortgage-backed securities. The securities lawsuit was filed by the Justice Department and also names Merrill Lynch and other defendants. In addition to the lawsuit filed by the Justice Department, the Securities and Exchange Com...
  • New California Class Action Lawsuit Targets Deceptive Bank Fees
    Sep-11-18 San Diego, CA Bank fees are growing rapidly, and consumers are feeling the pinch. Furthermore, many customers feel that they are somehow being hoodwinked into paying hidden, undisclosed costs. On August 2, 2018, Reyna McGovern filed a class action excessive bank fees lawsuit against U.S. Bank, N.A. (US Bank). Her lawsuit tackles two thorny issues:...
  • Excessive Overdraft Fees: You Can Take That to the Bank
    Jul-22-15 Miami, FL If there’s one thing banks are awfully good at, it’s excessive bank overdraft fees . Banking fees tend to be an endless scourge on the consumer to begin with. However, pundits point to the process of incurring an overdraft and the resulting fees as the ultimate irony: an overdraft occurs when a consumer is short on cash or momentar...
  • Wells Fargo Fake Account Scandal Grinds On
    Apr-23-20 Oakland, CA The Northern District of California has approved attorneys’ fees in the settlement of the latest lawsuit arising from the massive Wells Fargo fake account fraud. The scandal came to light in 2016 after account holders raised questions about mysterious bank overdraft fees that they were charged. The bank’s misconduct, however, ma...
  • Retirement Fund Investment Risk Ripoff
    Investors beware: Banks, brokers and investment firms are passing investment risk to investors in the form of fixed income products. This investment risk is also being passed on to seniors and those who are on a fixed-income. Perhaps the most risky fixed income products are investments linked to mortgage obligations. Banks have been passing their non-pe...
  • Investigation del Plan de retiro 401(k) de Bank of America
    Bank of América Corporation ( "Banco de América" o la "Compañía") (NYSE: BAC) ha anunciado que se anote $ 5,28 millones para tener en cuenta las obligaciones de la deuda con garantía ( "CDO's"). Como resultado, el valor de Bank of América a través de acciones de propiedad del Banco de América 401 (k) P...
  • Wills, Trusts, and Estates: "We thought we had all the bases covered"
    Dec-17-07 Okmulgee, OK When you're planning and establishing a trust for your estate, look for a trustee who knows the difference between your interests and their own and who will work for you. Large financial institutions such as the Bank of America certainly know that difference, but as Lorene Grant discovered, they also know how to make your trust and estate wo...
  • MB Financial Facing Lawsuit re $6,000 in Overdraft Fees
    Apr-30-18 Chicago, IL MB Financial dinged Rhonda Boone for a truly jaw-dropping $6,000 in bank overdraft fees between 2015 and 2017. That was 18 percent of her total income for those years. On March 12, 2018 she filed a lawsuit in the Northern District of Illinois seeking class action status on behalf of herself and other similarly situated checking and mon...
  • Despite Recent Settlements, Banks Still Bilking Consumers Out of Billions
    Jan-19-18 Washington, DC: When one looks back to 2017 and considers examples when banks have been called to account for excessive bank overdraft fees – including last November’s $66.6 million settlement to end a bank overdraft fees lawsuit against Bank of America – one would naturally assume progress is finally being made on an issue that...
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