The vast majority of consumers want to know they can seek their day in court if they get in a beef with a bank. That’s the main takeaway of a report last week from the Pew Charitable Trusts, which examined so-called mandatory arbitration clauses in bank contracts. These are the provisions that say you can’t sue or join a class-action lawsuit, and if you want to settle a dispute, you have to …
Australia’s four biggest banks said on Thursday they were among 17 global lenders being sued by U.S. funds for alleged benchmark interest rate rigging, denying the claims and pledging to contest the action. The suit follows ongoing court action on the matter by Australian regulators, and comes amid increasing scrutiny by global watchdogs on potential market manipulation. Recent investigations …
HSBC Holdings PLC’s (NYSE:HSBC) restructuring effort could be affected by increased litigation charges, in addition to new proposed regulation by the Basel Committee, for estimating operational risk. HSBC’s unit HSBC Finance Corp has agreed to settle the shareholder claims related to Household International, which are 14-years old, for the payment of worth $1.575 billion. HSC spokesman Rob …
The U.S. Supreme Court on Tuesday agreed to hear appeals by Visa Inc, Mastercard Inc and several U.S. banks seeking to throw out lawsuits claiming they conspired to inflate the prices of ATM access fees in violation of antitrust …
Banks keep saying over and over that arbitration proceedings, as opposed to class-action lawsuits, are the best way for consumers to handle disputes. Yet faced with the prospect of no longer being able to deny consumers the right to sue them, the banking industry is expected to take the deliciously ironic step of suing the federal government. At issue is a proposed rule from the Consumer …
Sixteen of the world’s largest banks including JPMorgan Chase & Co. and Citigroup Inc. must face antitrust lawsuits accusing them of hurting investors who bought securities tied to Libor by rigging an interest-rate benchmark, a ruling that an appeals court warned could devastate them. The appellate judges reversed a lower-court ruling on one issue — whether the investors had adequately claimed …
A new federal rule that would give bank customers greater ability to participate in class-action lawsuits drew criticism from the industry, but local community banks aren’t much worried. Small bank officials say their scale and more folksy approach keeps them out of court more effectively than crimping the rights of their customers in small print. The Consumer Financial Protection Bureau wants …
If government–or at least government regulators, apparatchiks and other place-holders–get their way, it’s going to be a lot easier to sue your bank. Just what this country needs. …
Angelina Lemus was puzzled. She had no idea why every month as much as $96 was disappearing from her Citibank checking account. Months later, Ms. Lemus finally figured out the mystery — or at least part of it.
NEW YORK Nov 19 The credit card industry won a big legal victory on Thursday as a federal appeals court rejected claims by a group of consumers that big issuers colluded to require that disputes be settled in arbitration rather than through class action lawsuits. By a 3-0 vote, the 2nd U.S. Circuit Court of Appeals in New York upheld a lower court ruling that American Express Co , Citigroup Inc …