Tag: lawsuit


JP Morgan and fellow Viva Wallet shareholder WeRealize exchange lawsuits

February 20, 2024

Via: FinTech Futures

The US bank first acquired a 48.5% stake in Viva Wallet in December 2022 in an effort to tap the European payments market, with WeRealize, led by Viva Wallet founder Haris Karonis, retaining the remaining share. However, reports have suggested […]


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, […]