JPMorgan Chase & Co. has been sued by a participant in its 401(k) plan for allegedly causing employees to pay millions of dollars in excessive fees through a scheme motivated by “self-interest.” The plaintiff claims JPMorgan, as well as various board and committee members with oversight of the $21 billion retirement plan , breached their fiduciary duties by, among other things, retaining …
On the last day of the Obama administration, the Consumer Financial Protection Bureau wanted to give millions of Americans with student loan debt a little gift: filing a lawsuit against Navient (formerly known as Sallie Mae) for grimy, misleading practices. BuzzFeed reports : Among the most serious allegations is the claim that Navient systematically pushed struggling borrowers away from …
Federal consumer finance regulators said Thursday they were suing TCF Financial Corp., alleging the bank deceived consumers so it could charge them exorbitant overdraft fees. Banks’ overdraft fee tactics have long been considered predatory by consumer advocates. Such fees, which are charged when customers overspend their bank accounts, largely fall upon lower-income account holders.
Northern Trust Corp. will pay more than $4.2 million to settle a lawsuit filed by a group that includes two Pontiac, Mich., pension systems over investment losses that occurred during the financial crisis. The Chicago-based financial services firm violated its fiduciary and contractual duties when it “invested its clients’ assets in risky, long-term investments … that plummeted in value,” the …
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 …
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.
Gainey McKenna & Egleston announces that a class action lawsuit has been filed against InfuSystem Holdings, Inc. (“InfuSystem” or the “Company”) (NYSE:INFU) in the United States District Court for the Central District of California on behalf of purchasers of common stock of InfuSystem between May 12, 2015 and November 7, 2016, inclusive (the “Class Period”). According …
For those who have been following the developments in cryptocurrency sector from past couple of years, the BitLicense fiasco is quite familiar. The cryptocurrency industry was in for a shock last year after the New York Department of Financial Services decided to implement regulations governing digital currencies, popularly referred to as BitLicense. With BitLicense coming into effect, …
Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Opus Bank (“Opus Bank” or the “Company”) (NASDAQ:OPB) in the United States District Court for the Central District of California on behalf of purchasers of Orbital common stock between securities between July 28, 2014, and October 17, 2016, inclusive (the “Class Period”), seeking to …
Lundin Law PC , a shareholder rights firm, announces a class action lawsuit has been filed against Adeptus Health Inc. (“Adeptus Health” or the “Company”) (NYSE: ADPT) on behalf of purchasers of Adeptus Health securities pursuant and/or traceable to the Company’s secondary public offering (the “SPO”) on or about July 31, 2015, or purchasers of common shares …