A key Obama administration official who is still in office argued Tuesday that consumers should be able to sue banks as a group, and should be freed from financial contracts that prevent them from doing so. “[M]any contracts for products like credit cards and bank accounts have mandatory arbitration clauses that prevent consumers from joining group lawsuits, forcing them to go it alone,” wrote …
A U.S. Supreme Court ruling this week could clear the way for a lawsuit by three metro Atlanta counties alleging that predatory lending practices by mortage lenders cost them hundreds of millions in lost property taxes and higher expenses in blighted neighborhoods. In a mixed ruling, the U.S. Supreme Court said cities can sue banks for alleged predatory lending practices that violate the Fair …
Goldman Sachs, JP Morgan and Citigroup have agreed to pay $39.25 million to settle a Canadian currency market manipulation class action. The settlements, if approved by a court, will remove those banks from a $1-billion class action that alleges several large financial institutions conspired to rig foreign exchange markets using electronic chat rooms with names such as “The Cartel,” “The …
It was hailed as one of the largest anti-trust, class-action settlements ever — nearly $2 billion to be paid to investors by some of the country’s major banks for allegedly fixing the financial markets. And right there near of the top of the list of victims of the alleged fraud was the Essex Regional Retirement System, the Danvers-based organization that manages $370 million in …
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 …
SEATTLE–(BUSINESS WIRE)–Attorney Advertising. The law firm Keller
Rohrback L.L.P., which over a year ago filed the first
class action lawsuit against Wells Fargo Bank, N.A. (NYSE: WFC) for
opening unauthorized accounts, announced it is investigating allegations
of similar practices at other consumer banks.
The U.S. judge overseeing litigation accusing 16 banks of rigging prices in the $5.3 trillion-a-day foreign exchange market on Tuesday narrowed but refused to dismiss lawsuits against Deutsche Bank (DBKGn.DE), Morgan Stanley (MS.N) and five other large banks that have yet to settle. U.S. District Judge Lorna Schofield in Manhattan dismissed antitrust claims …
The strife of thousands of Arab Americans being discriminated against by government entities since 9/11, as well as by some Trump-inspired individuals, is nothing new to the immigrant community. Recently, cases of banks abruptly closing the accounts of their Arab Americans customers without explanation have begun to surface in district courts. Financial institutions like Chase, Bank …
Several banks and other financial institutions are alleging the Broomfield-based Noodles & Company failed to take steps to prevent a massive data breach earlier this year. A class-action federal lawsuit was filed Tuesday against the fast-casual chain relating to the breach. Noodles officials warned customers in May that their credit card processor reported unusual activity …