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  • Bank of America Will Pay $165 Million to Settle Securities Complaints
    Apr-18-13 Charlotte, NC Bank of America will reportedly pay $165 million dollars to settle securities claims related to mortgage-backed securities. The bank’s subsidiaries were alleged to have misrepresented the risks associated with the mortgaged-backed securities, costing the plaintiffs - credit unions - massive losses. The settlement was agreed to befor...
  • Bank of America Settles Merrill Lynch Class Action for $150 Million
    A class-action lawsuit brought against the former Merrill Lynch & Co., which was purchased by Bank of America early in 2009, will reportedly be settled for $150 million. Bank of America has agreed to pay the settlement to end the suit, which was brought by 2 Louisiana pension funds. The suit alleged that Merrill Lynch provided false and deliberately mis...
  • Forced Arbitration Threatens Class Action Excessive Overdraft Fees Lawsuits
    Jul-18-19 Washington, DC JPMorgan Chase, the country’s largest bank, is moving to require credit card customers, and by extension, checking account customers with a linked debit card, to settle disputes through arbitration. It would, reportedly, preclude class action excessive overdraft fee lawsuits like one that in 2012 led JP Morgan to settle with chec...
  • Force-Placed Insurance Lawsuit Seeks Class-Action Status
    Aug-26-13 Encino, CA A force-placed insurance lawsuit filed against Bank of America seeks class-action status. The lawsuit, filed in California in 2012 by Christopher Gustafson, alleges Bank of America provided force-placed insurance from its own affiliates at a high cost to the borrower while receiving fees, payments or commissions from force-placed insurance p...
  • Wall Street Fraud Cleanup Goes On…
    Sep-7-09 Coral Gables, FL Wall Street gone wonky has left an endless trail of victims separated from their hard earned savings by reckless and grasping investment dealers . Many of those victims are retired Americans living in the state of Florida where attorney Ben Fernandez and his colleagues at Tramont Guerra & Nunez are working on behalf of clients that...
  • Did Stockbroker Mismanagement Lead to Investor's Death?
    Apr-7-11 Boston, MA An alleged case of stockbroker misrepresentation will be going to arbitration, despite attempts by the family of a deceased investor to have the case tried in the courts of law. The Boston Globe reported on March 16 that stockbroker arbitration is the routine method for dealing with complaints over investment losses. This particular case i...
  • Pacific Western Bank Shorted Workers OT Pay Lawsuit Alleges
    Nov-16-17 San Diego, CA: A class action lawsuit filed in the Superior Court of California alleges Pacific Western Bank failed to correctly calculate overtime wages of the non-exempt hourly workers and failed to provide staff with mandatory meal and rest breaks. The lawsuit was filed by two former employees, Karina Escobedo and Liliam Lopez, on behalf of them...
  • Overdraft Fees Class Action Filed Against Trustmark National Bank
    Memphis, TN: A class action lawsuit has been filed against Trustmark National Bank in Shelby County, Tennessee. The suit alleges that the bank engages in improper practices in its assessment of overdraft fees on consumer checking accounts. Even though the case is filed in Tennessee it proposes a class action on behalf of Trustmark customers in T...
  • Bank of America Corp. Analyst Report and Research Fraud Settlement
    Charlotte, NC: (Mar-14-07) A lawsuit filed by the Securities and Exchange Commission against Bank of America Corp.'s securities unit, accused it of failing to safeguard forthcoming analyst reports and issuing fraudulent research. Investigations showed that Bank of America Securities' internal controls worked improperly and that sales people and traders wou...
  • Study Finds That People With Lowest Incomes Pay Most in Bank Overdraft Fees
    Apr-11-17 Philadelphia, PA: A recent study has found that the largest percentage of bank overdraft fees are collected from bank customers who earn the lowest incomes. While banks market their overdraft programs as a service, consumers often incur unexpected overdraft fees that exceed the original transaction amount, according to a Dec. 2016 issue brief http:/...
  • Fortis Bank
    Washington, DC: A specially formed foundation representing investors in the U.S., Europe, the Middle East and Australia has brought a unique shareholder fraud action in connection with the collapse of Belgium-based financial services company Fortis N.V. Currently known as Ageas NV/BV, Fortis, which had huge exposure to subprime loans in the U.S., was re...
  • Merrill Lynch, ING Bank, and Banca Monte Parma SPA Parmalat Bankruptcy Protection Settlement
    Talk to a local bankruptcy lawyer right away! Washington, DC: (Jun-18-07) Parmalat SPA filed suit against Merrill Lynch, ING Bank, and Italy's Banca Monte Parma SPA, related to the dairy group's 2003 failure. The dairy company, which emerged from bankruptcy protection in 2005, reached settlements with the three financial institutions making that a c...
  • Charges Possible Against Three Firms for Securities Fraud
    Feb-11-08 Washington, DC At least three firms have been notified by the Securities and Exchange Commission that plans are being made for charges to be filed against the firms. This news comes after a 14-month investigation into interest-rate swaps in the municipal market and bid rigging of guaranteed investment contracts. Such notices are expected to be delivered...
  • TD Bank Faces Overdraft Fees Class Action Lawsuit
    New York, NY: A consumer banking class action lawsuit has been filed against TD Bank NA alleging the financial institution continues to manipulate the order of debit card transactions so that it can profit through the maximization of overdraft fees. The lawsuit comes less than a year after the bank paid $62 million to settle a multidistrict litigatio...
  • Force Placed Insurance Defendant Attempts to Toss Lawsuit, Plaintiffs Have None of It
    Jul-15-15 Minneapolis, MN As lawsuits go, most defendants will attempt to dismiss a case whether or not a dismissal is even meritorious to begin with. Such is the case with a Lender insurance lawsuit brought by various homeowners against US Bank and American Security Insurance Company (ASIC), a subsidiary of Assurant Inc. The plaintiffs, respectfully, hold that...
  • Riverdale Park Town, MD Riggs Bank Amended Taxes Settlement
    Riverdale Park Town, MD: (Sep-05-07) Riggs Bank brought charges against Riverdale Park Town, after the bank filed amended tax returns for 2003 through 2005 requesting about $273,000 from the town after it was sold to PNC and then closed in 2006. Riggs Bank was purchased by PNC and then closed in May 2006. The bank's closing also took away about $75,000 in...
  • Ninth Circuit Sends "High-Tech Debt Trap" Lawsuit to Arbitration
    Feb-27-21 Los Angeles, CA  On February 19, the Ninth Circuit held that a borrower, who found herself in what she described as a “high-tech debt trap,” must arbitrate her claims against the lender, having waived her right to sue. Marggieh DeCarlo was trying to build credit but instead found herself entangled instead in a ruinous web of loan charg...
  • Class Action Upheld in Overdraft Fees Lawsuit
    Sep-12-15 Miami, FL An overdraft fees lawsuit that had been given class-action status has had that class-action status confirmed by a Florida federal judge. The excessive overdraft fees lawsuit alleged that Wells Fargo Bank improperly reordered customer transactions to increase profits from overdraft fees. Wells Fargo is not the only financial institution accuse...
  • Debts Wiped Out for 140,000 Payday Loan Customers
    Sep-27-10 Washington, DC It took six years, 17,000 billable hours, three law firms and three public justice organizations, but in the end they managed to wrestle a payday loan company in North Carolina into a settling with thousands of unhappy customers. "We have had great reaction from clients," says Paul Bland, with the Public Justice organization in Washingto...
  • Banks Face Customers Angry About Overdraft Fees
    Sep-20-11 Los Angeles, CA For customers who are angry about being charged excessive bank overdraft fees , filing a lawsuit may be the best way to recover lost money. Some banks have already faced bank overdraft fees lawsuits, although there are still banks that allegedly profited off bank overdraft fees by reordering transactions but have not been subject to laws...
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