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  • Bank of America Securities Lawsuit to Proceed
    Jul-14-12 Pittsburgh, PA Shareholders who filed a securities fraud lawsuit against Bank of America have been given the okay to pursue their securities fraud litigation against the financial firm. The securities lawsuit, filed by a variety of shareholders, including the Pennsylvania Public School Employees' retirement system, alleges Bank of America misled invest...
  • City National Bank Sued for Whistleblower Retaliation in California Court
    Jul-13-21 Los Angeles, CA A former senior vice president for City National Bank, a subsidiary of Royal Bank of Canada, alleges he was fired because of whistleblower retaliation and in violation of the Sarbanes-Oxley Act, which allows California employees  to sue their employers in federal court if the employer wrongfully terminates or retaliates against them f...
  • Merrill Lynch Bought by Bank of America
    Sep-15-08 New York, NY In yet another big announcement from Wall Street, Bank of America said on Monday that it will buy Merrill Lynch for $50 billion in stock. That works out to $29 a share in stock, which is 70 percent more than what Merrill Lynch stock closed at on Friday, September 12. Merrill Lynch was crippled by perilous real estate deals and wound up wi...
  • Cash America Pawn, or First Cash Management Facing Overtime Lawsuit
    Aug-14-18 Memphis, TN: A former Store Manager recently filed an employment complaint against First Cash and Cash America (also known as Cash America Pawn) for unpaid overtime compensation. “We estimate that 1,000 store managers nationwide have been misclassified and eligible for overtime,” says attorney Alan Crone, “and upwards of 3,000 employees may have an...
  • More Banks Close, Bankruptcies Expected to Rise
    Nov-7-09 Washington, DC While it was painful, the recent bankruptcy of General Motors (GM) shows that bankruptcy law can be a viable option in the face of insurvivable bankruptcy debt and other challenges stemming from an injured economy. As with GM, many companies and private individuals have emerged from the pain of bankruptcy stronger, with the help of a per...
  • Excessive Overdraft Fee Lawsuits Hit the Heartland
    May-29-20 Johnson County, IA In March 2020 Catherine Razavi filed a bank overdraft fees lawsuit against GreenState Credit Union. She alleges that the credit union charged her an overdraft fee even though there was enough money in her account and seeks class-action status for the lawsuit on behalf of similarly situated customers. Her story is symptomatic of a pro...
  • Another Day, Another Billionaire Charged With Fraud
    Feb-18-09 Dallas, TX As time goes on, it seems that more and more financial giants are either filing bankruptcy or being linked to fraud. Investors are willing to accept some risk, and many are not surprised to learn about stockbroker fraud or other illegal activities that lead to stockbroker arbitration claims being filed. However, very few investors expect that...
  • First Saving Bank Hit with Excessive Overdraft Fee Lawsuit
    Mar-12-20 Las Cruces, NM On January 14, Bonnie Becker, doing business as Oma’s Slice of Heaven, filed a class action lawsuit in New Mexico federal district court, claiming that First Savings Bank assessed bank overdraft fees even when the transactions in question did not overdraw the account. The Complaint is fairly cursory, but it seems to set out a fam...
  • BofA Settles Overdraft Lawsuit for $410 Million
    New York, NY: A federal lawsuit alleging that Bank of America (BofA) charged excessive overdraft fees has been settled. The court has granted approval to the class action lawsuit, Checking Account Overdraft Litigation, 1:09-MD-02036-JLK. Settlement class members will receive checks. BofA, the largest bank in the US, reportedly stated in a court f...
  • Homeowners and Regulators Take Action against Force-Placed Insurance Companies
    Apr-26-14 Miami, FL Following increased media coverage regarding force-placed insurance and recent force-placed insurance lawsuits and settlements, regulators in Florida have taken action to protect homeowners in the state from allegedly predatory practices. Two companies that offer force-placed insurance, also called lender-placed insurance, will have to comply...
  • Lloyds TSB, plc LYG Securities Fraud
    Company: Lloyds TSB, plc Ticker Symbol: LYG Class Period: Oct-1-08 to Feb-27-09 Date Filed: Nov-23-11 Lead Plaintiff Deadline: Jan-22-12 Court: Southern District of New York Allegations: New York, NY: A securities class action lawsuit was filed on November 23, 2011 against Lloyds Banki...
  • Banks Fight Excessive Overdraft Suits with Bid for Arbitration
    Sep-8-17 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...
  • Bank Overdraft Fees Lawsuit Stresses Lack of Consumer Sophistication, Unfair Process
    Jan-6-21 Atlanta, GA On December 17, the U.S. Court of Appeals for the Eleventh Circuit heard oral arguments in Garcia v. Wachovia Bank , one of the bank overdraft fees lawsuits , consolidated in In Re: Checking Account Overdraft Litigation . The checking accountholders are appealing a September 2019 District Court decision that denied them the chance to proceed...
  • Credit Card Rates: Transfer Fees Increase
    Apr-26-08 Houston, TX: Last year, Angie decided to save money by consolidating balances from a few credit card accounts and transferring them to The Bank of America—where she had a platinum VISA card. "They told me I would be charged 9.9 percent for a transfer balance but my statement showed over 40 percent," says Angie. Yet another blatant abuse of credit ca...
  • USB Checking Accountholders to get their Day in Court
    Aug-17-20 San Diego, CA On August 10, the Southern District of California agreed to reconsider its own ruling in an overdraft fees lawsuit that forced the dispute into arbitration. On reconsideration, it reversed itself. This breathes new life into Reyna McGovern’s contention that U.S. Bank charged bank overdraft fees that were not permitted under the term...
  • Mandatory Arbitration Amendments Thwart Excessive Overdraft Fee Lawsuits
    May-22-20 Washington, DC Even with a promising bank overdraft fees lawsuit, checking account consumers can find themselves suddenly, unexpectedly blocked by an obligation to arbitrate disputes with a bank or credit union. Consumers are often not even aware that they have signed these agreements. Under recent U.S. Supreme Court rulings , that can be the end of a c...
  • Fifth Third Bank Telemarketing Lawsuit Information & Legal News
    Lawsuits have been filed against Fifth Third Bank, alleging that the bank violated the Telephone Consumer Protection Act (TCPA) by using an automated telephone dialing system to "robocall" consumers in an attempt to perform telemarketing or collect on a credit card debt. Robocalls and telemarketing calls are currently the number one source of consumer compla...
  • Settlements Reached in Force-Placed Insurance Lawsuits
    Feb-20-14 Miami, FL Settlements have reportedly been reached in a variety of force-placed insurance lawsuits , filed against financial firms such as HSBC and Bank of America Corp. Force-placed insurance lawsuits alleged that the firms had deals with insurance companies that resulted in overcharging the borrower for insurance. According to Bloomberg (2/14/14)...
  • Wells Fargo's "Neat Tricks" Took Millions from Customers
    Aug-14-10 San Francisco, CA American consumers have won a halleluiah verdict in a bank overdraft charge class action suit against Wells Fargo. A California judge has ordered the megabank to pay class members a total of $203 million in restitution and the phone at the law offices of Lieff, Cabraser, Heimann & Bernstein has not stopped ringing since. "You c...
  • Telemarketing & Robocall Lawsuit News and Legal Information
    Telemarketing lawsuits and robocall lawsuits are now being filed against companies accused of making continuous unwanted calls. These nuisance caller lawsuits allege consumers are being harassed by companies who make repeated and annoying phone calls, text messages, or faxes. A Supreme Court ruling on robocalls has opened the door for more lawsuits to...
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