Tag: lawsuit


Bank of Utah faces embezzlement lawsuit

September 21, 2023

Via: Banking Dive

The Bank of Utah is being sued for its alleged knowledge in a $29 million Ponzi scheme conducted by a local investment adviser, Salt Lake City CBS-affiliate KUTV reported Wednesday. Clients of Steve Swensen, a registered investment adviser who died […]


Morgan Stanley faces $750M lawsuit over rail-line lending

September 19, 2023

Via: Banking Dive

Morgan Stanley was hit with a $750 million lawsuit Monday by private-equity firms alleging fraud related to their investment in Brightline Holdings, a high-speed rail company. The lawsuit, filed in Manhattan by affiliates of Certares Management and Knighthead Capital Management, […]


Wells Fargo beats shareholders’ fake-interview lawsuit

August 22, 2023

Via: Banking Dive

Wells Fargo beat shareholders’ lawsuit accusing it of conducting fake interviews of nonwhite and female candidates, Reuters reported Monday. In a ruling Friday, Judge Trina Thompson, of the U.S. District Court for the Northern District of California, said shareholders could […]


Signature Bank accused in lawsuit of overlooking FTX fraud

February 7, 2023

Via: American Banker

Signature Bank was accused in a lawsuit by an investment firm of facilitating the FTX collapse by allowing the now-defunct crypto exchange to commingle customer accounts with its blockchain network. Signature did this even though it had observed suspicious FTX […]

Activity, Corporate Banking, Regulations

JP Morgan sues Frank founder for allegedly inflating user figures

January 12, 2023

Via: FinTech Futures

According to the lawsuit, filed in December last year in the US District Court in Delaware, Javice allegedly claimed Frank – a student loan application fintech – had more than 4.25 million student users but had used “synthetic data” techniques […]


Senators, lawsuit press Wells Fargo on mortgage refinancing race gap

March 21, 2022

Via: Banking Dive

Last week’s letter to Wells Fargo CEO Charlie Scharf from Sens. Elizabeth Warren, D-MA, and Ron Wyden, D-OR, comes in addition to a Thursday letter from 11 senators asking the leaders of the Consumer Financial Protection Bureau (CFPB) and the […]

Capital and Risk, Insurance, Regulations

Nevada Jury Says Health Insurers Owe ER Doctors $60M in Damages

December 9, 2021

Via: Insurance Journal

One of the largest U.S. health insurance companies and its branches in Nevada were found liable for $60 million in punitive damages for underpaying out-of-network emergency medical providers. A state court jury said three plaintiffs headed by urgent care staffing […]


Bank of America to pay $75M to settle class action on overdraft fees

May 17, 2021

Via: Banking Dive

U.S. banks with more than $1 billion in assets took in a combined $11.68 billion in overdraft fees in 2019, the Center for Responsible Lending (CRL) found in June 2020. Bank of America’s five-year moratorium of retry fees is expected […]


Wells Fargo ordered to pay USAA $200m for infringed payments patents

November 11, 2019

Via: Banking Technology

The patents, which focused on making cheque deposits made with mobile devices simpler, were the subject of a 2018 patent infringement lawsuit filed by USAA targeting Wells Fargo’s mobile deposit solution. The process allows bank customers to use their mobile […]

Activity, Insurance

Wells Fargo Settling California Car Loan Suit for $385M

June 10, 2019

Via: Insurance Journal

Wells Fargo has agreed to pay at least $385 million to settle a California lawsuit alleging it signed up thousands of auto loan customers for costly car insurance without their consent, resulting in many having their vehicles repossessed. The bank […]

Capital and Risk, Credit, Regulations

Wells Fargo Sued by Navajo Nation for Alleged Predatory Tactics

December 14, 2017

Via: Insurance Journal

The Navajo Nation announced that it’s suing Wells Fargo for allegedly engaging in predatory and unlawful banking practices that targeted and harmed tribal members. In a statement, Navajo Nation President Russell Begaye said the tribe’s lawyer has been directed to […]


Wells Fargo Hit With Auto-Loan Lawsuit While Political Backlash Grows

August 1, 2017

Via: TheStreet

Less than a month after Wells Fargo & Co. (WFC)  CEO Timothy Sloan settled one class-action lawsuit accusing the bank of exploiting its customers, the company is grappling with another. This time, however, it’s over unnecessary insurance policies tacked on to auto […]


Wells Fargo settles account-scandal claims but runs afoul of federal regulator

March 30, 2017

Via: Banking Technology

Wells Fargo will pay $110 million to settle a class action lawsuit brought by US consumers over a scandal about fake accounts its employees set up for customers without their knowledge, writes Paybefore (Banking Technology‘s sister publication). But the trouble […]

Capital and Risk, Operational

New York Fed Questioned After Hack on Bangladesh Account

March 24, 2016

Via: ABC News

A U.S. lawmaker is seeking answers from the Federal Reserve Bank of New York over the theft by cyber criminals of $81 million from the Bangladesh central bank’s account at the New York Fed. Rep. Carolyn Maloney of New York, […]