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  • Bank of America to Settle Excessive Fees Class Action for $66.6 Million
    Nov-10-17 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. According to Reuters (11/02/17) plaintiffs asserted that som...
  • Bank of America: Income Down 95%, 401k Plans Down?
    Feb-2-08 Charlotte, NC: Bank of America is yet another victim of the slowing US economy and the damaging sub-prime mortgage crisis, prompting the company to undertake a multi-billion-dollar debt write down. Worse, the less-then-stellar performance may have put Bank of America retirement fund investors at risk for reduced Bank of America 401k portfolios, alleging...
  • Comenity Bank TCPA Violations Lawsuit News & Legal Information
    The Comenity Bank settled a class action lawsuit in 2014 over allegations it violated the Telephone Consumer Protection Act (TCPA). The Comenity Bank's TCPA class action lawsuit involved more than 4 million people who received automated calls from the bank to their cellphones. The Comenity Bank Settlement was approved for about $8.5 million. Co...
  • Study Finds Consumers Complain Most About Banks With Highest Overdraft Fee Revenue
    Jul-19-17 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. The 2016 report , issued by the US Public Interest Research Group (PIRG), analyzed more than 10,000 bank-related customer complain...
  • Bank of America Breached Customer Contracts, Charging Overdraft Fees on Non-Recurring Transactions
    Feb-5-20 New York, NY Cockrom v. Bank of America alleges that Bank of America (BofA) charged overdraft fees on everyday one-time purchases, like a cup of coffee or a tank of gas, even when its deposit agreements promised that overdraft fees would be levied only on recurring transactions, such as a mortgage payments. This is a new twist on bank overdraft fee la...
  • Tampa Bay Couple Awarded $1 Million in Debt Collector Harassment Lawsuit
    Jan-20-15 Tampa, FL A couple in Tampa Bay who were harassed by the Bank of America over mortgage payments have won a $1 million default judgment in a debt collector lawsuit . It is not known if Bank of America will appeal. The case, however, speaks volumes about what lengths debt collectors will go to collect from, and ultimately harass, a debtor. Regardless o...
  • Single Mom Takes on Banking Giant in Force-Placed Insurance Bank Lawsuit
    Feb-2-14 Dayton, OH It’s hard enough for a single mother to make a go of it, as she remains the lone person available to pay the mortgage, put food on the table and help children with homework. Now, Jacqueline Barnard must add to her plate the rigors of fighting a class-action lawsuit against the Force-Placed Insurance Bank that lobbed an expensive insura...
  • Bounced Check Recovery Lawsuit Legal News & Lawsuit Information
    Electronic check re-presentment, or check recovery, is a method by which merchants process bad checks or NSF items. One option available for merchants to recover bounced checks is by hiring a re-presentment agency . Some banks contract with re-presentment firms and automatically enroll their commercial checking customers (i.e., businesses that accept chec...
  • Bank of America Settles California Labor Lawsuits
    May-28-21 Santa Clara, CA The Bank of America (BofA) California reached an agreement whereby $11.5 million will be paid to approximately 25,000 tellers, personal bankers and operations managers. The settlements stem from three proposed class actions alleging California labor law violations , including overtime and off-the-clock work. On behalf of himself and oth...
  • Plaintiff Settles with Bank of America Corp. NA at the Eleventh Hour
    Feb-16-18 Los Angeles, CA: A California labor lawsuit alleging wrongful dismissal and defamation was quietly settled earlier this week at the 11th hour after a jury had awarded damages to the plaintiff, but had yet to settle on punitive damages. While having awarded punitive damages in the case on Tuesday February 13, 2018, the jury recessed for the day with...
  • Bank of America, QBE Settle Forced-Placed Insurance Class Action for $228 Million
    Apr-13-14 Miami, FL Even though they have agreed to settle a proposed class-action Lender insurance lawsuit for $228 million, co-defendant Bank of America nonetheless doesn’t think it did anything wrong, according to a statement released by a spokesperson when the settlement was revealed. And while the announced settlement did not clarify if the defendants...
  • Credit Card Rate Increases Anger Customers
    Feb-15-08 Washington, DC Despite the excellent payment histories of credit card customers, credit card companies are still raising their rates and customers are very angry. Credit card rates have been increasing by as much as 50% for some customers. In January, Bank of America customers received notification that their interest rates would be raising from 13% to 24...
  • Bank of America Settles Bank Overdraft Fees Lawsuit
    Sep-5-11 Tampa Bay, FL Customers who are concerned about excessive bank overdraft fees may be happy to hear that some bank overdraft fees lawsuits have been settled, with the defendants paying for their alleged excessive bank fees. Both Bank of America and Wells Fargo have or will pay customers for practices that critics and a judge argue are unethical. Meanwhi...
  • Cash America Pawn Wage & Hour Lawsuit News and Legal Information
    A store manager at First Cash, Cash America Central or Cash America Pawn has filed an overtime complaint against the franchise chain. Plaintiff Mr. J. Martin East alleges he has been misclassified as exempt and that First Cash has failed and refused to pay him and those managers in similar positions overtime pay for hours worked over 40 in a work week. ...
  • Another Bank Overdraft Fees Lawsuit Filed
    Oct-25-11 Salt Lake City, UT Customers upset over excessive bank overdraft fees have filed another lawsuit, this one against Zions Bank, alleging excessive bank fees. According to reports, bank customers claim the bank overdraft fees policy forced customers into overdraft more quickly than they should have, resulting in high profits from overdraft fees. The l...
  • Were Merrill Lynch Bonus Payments Financial Fraud?
    Feb-23-09 New York, NY Just as America's 44th President was coming into office and promising swift action to bail out the ailing economy—including the nation's banking industry—it was revealed that executives at the failed Merrill Lynch were handed fat bonus checks just days before the floundering firm was acquired by Bank of America on January 1st. Some are all...
  • US Bank Agrees $55M Overdraft Fees Class Action Settlement
    Coral Gables, Fl: U.S. Bank has agreed to pay $55 million to settle class action lawsuits that accused the bank of improperly manipulating its customers' debit card transactions in order to generate excess overdraft fee revenues. The lawsuits, part of multidistrict litigation involving more than 30 different banks entitled In re Checking Account Overdr...
  • CFPB Moves to Protect Students from Overdraft Fees
    Aug-28-18 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...
  • Trusts and Estates: Be Careful Who You Trust
    Jul-28-08 Charlotte, NC As the largest wave of baby boomers—now just hitting retirement—advance through old age, there will be a virtual flood of wills, estates and family trusts flowing to banks over the next three decades. The question is, for whom will they be working? You, or themselves? That's the billion-dollar question. Or should we say, the trillion...
  • Attorney: Excessive Overdraft Fees “Not the Fault of the Customer”
    Jun-11-14 New York, NY Customers who have paid excessive bank overdraft fees may not realize right away that their transactions have been reordered. In fact, many customers may not realize they are paying excessive bank fees until they hear about their bank reordering transactions for other customers. Stephen Fearon, attorney at Squitieri & Fearon in New Yor...
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