German behemoth Deutsche Bank agreed last spring to assist plaintiffs and regulators by ratting out their co-conspirator banks in a wide ranging scheme to rig prices and cheat clients. They cut a deal to avoid even larger monetary damages and criminal prosecution. Executives there agreed to pay nearly $100 million to settle their legal troubles and share information.
Swiss Bank UBS might not be off the hook and could be back in court with four other new banks in an ever-evolving lawsuit that alleges manipulation of gold and silver prices during the daily fix. A report filed in U.S. District Court in New York, Wednesday, provided evidence of collusion among the fixing banks: The Bank of Nova Scotia, Barclays, Deutsche Bank, HSBC, Societe …
Wells Fargo is facing multiple lawsuits from customers and employees over the long-running fake account fiasco that saw more than two million bogus, unauthorized accounts being opened in customers’ names. Even though lawmakers and consumer advocates have repeatedly asked the bank to not sidestep its liability by using an often-ignored clause in its customer agreement, lawyers for Wells Fargo …
A former Citigroup Inc financial adviser on Monday filed a lawsuit accusing the bank of running a “boys’ club” that favored men over women, treating her as a “glorified secretary,” and firing her in retaliation for whistleblowing activity. Erin Daly is seeking double back pay, unpaid bonuses and punitive damages over the bank’s alleged harassment, hostile …
The recent Wells Fargo scandal is yet another fine example of how trust in the financial sector is often misplaced. Although the bank has apologized – in public – for this incident, they are not honoring their victms’ legal claims so far. Opening unauthorized account in someone else’s name should be a clear-cut case for the US legal system, but that is not the case it seems.
On Tuesday, November 22 , Magistrate Judge Timothy Rice of the United States District Court for the Eastern District of Pennsylvania granted final approval of a $37.5 million class action settlement. The case — Reyes v. Zions First National Bank — alleged that Zions Bank and a former payment processing subsidiary knowingly processed payments for …
San Francisco-based Wells Fargo Bank (WFC), one of the largest banks in the US, is trying to push its customers to resolve the lawsuits that they are bringing over the opening of unauthorized accounts through private arbitration, instead of in a courtroom, according to legal documents filed Wednesday. The bank asked the US District Court in Utah to order dozens of customers to settle their …
Bank of America is facing a lawsuit in Arizona from prisoners who contend they are being forced to become customers of the bank because they are given a BoA debit card that also has high and unusual fees. According to a federal class-action lawsuit, covered by Courthouse News Service , prisoners have to pay $15 each time they withdraw money from a teller. Daria Brill, the lead plaintiff in the …
Wells Fargo has confirmed the existence of an investigation by the Securities and Exchange Commission into its sales practices, and the bank revealed that it has almost doubled funds set aside to deal with its ongoing legal problems. The bank said in a regulatory filing Thursday that the SEC has joined other federal state and local government agencies and states attorneys general, …
J.P. Morgan Chase & Co. allegedly withheld a $12 million payment to Good Technology Inc. last year, worsening a cash shortage that forced the mobile-security company into a sale brokered by the bank, according to newly public claims in a continuing legal dispute. The new details allege that the bank, in its capacity as a customer of Good Technology, hastened the company’s demise, even while the …