OP-ED: Courts Align Themselves With Banks on Foreclosures – Post News Group
When Carol Coles-Linn’s husband, Norman Linn, signed his name on a Countrywide mortgage agreement in 2011, he was signing an agreement that industry insiders call “toxic waste.” Neither the husband nor the wife realized they were signing a fraudulent document. Not that it mattered.
Consumer accuses Bank of America of unfair debt practices
TAMPA – A Hillsborough County woman is suing Bank of America, alleging abusive, deceptive and unfair debt collection practices. Jennifer McCambridge filed a lawsuit Dec. 8 in the U.S. District Court for the Middle District of Florida against Bank of America NA, alleging violation of the Florida Consumer Collection Practices Act, or FCCPA, and the Telephone Consumer Protection Act, or TCPA.
U.S. Justice Dept. orders whistleblower to testify in Wells Fargo probe
The U.S. Department of Justice has subpoenaed a high-profile whistleblower in its criminal investigation into Wells Fargo & Co’s (WFC.N) opening of accounts without customer permission. U.S. prosecutors in San Francisco have asked Wells Fargo banker Yesenia Guitron, who lost a private lawsuit against the fourth-largest lender, to testify before a grand jury in San Francisco on Tuesday, according to a subpoena dated Dec.
U.S. hits Credit Suisse, Deutsche Bank with toxic debt penalties
Credit Suisse (CSGN.S) and Deutsche Bank (DBKGn.DE) have been hit with a combined penalty of more than $12 billion over the sale of U.S. toxic debt, further hampering two of Europe’s leading investment banks as they struggle with weak earnings.
Deutsche Bank agrees to $7.2 billion mortgage settlement with U.S.
NEW YORK/FRANKFURT Deutsche Bank (DBKGn.DE) has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis.
Bank of America must face lawsuit on extended overdraft fees -ruling
Bank of America must face claims that fees it charged to customers whose accounts were overdrawn for more than five days actually constitute illegally high interest, a federal judge in San Diego has ruled. In a decision on Monday, U.S.
Exclusive: U.S. proposed $5 billion – 7 billion penalty on Credit Suisse on toxic debt – source
The U.S. Department of Justice has asked Credit Suisse to pay between $5 billion and $7 billion to settle a probe over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, a source with knowledge of the matter said, but the bank has resisted settling for that amount.
Goldman Sachs to settle US rate-rigging lawsuit for $80m
NEW YORK Goldman Sachs Group has agreed to pay US$56.5 million (S$80 million) to resolve a US class action lawsuit accusing it and other banks of rigging an interest rate benchmark used in the $553 trillion derivatives market. The proposed settlement was disclosed in papers filed in…
Big banks fight to block crisis-era lawsuits from continuing
Big banks are fighting tens of billions of dollars of potential legal costs linked to at least a dozen pending lawsuits arising from the financial crisis. A handful of banks, including Wells Fargo, Credit Suisse and Deutsche Bank, have asked the Supreme Court to review a lower court decision that said the regulators filed their claims on time despite a Depression-era securities law that gave them only a three-year window.
Goldman Sachs to Settle Rate-Rigging Lawsuit
By Nate Raymond NEW YORK, Dec 16 (Reuters) – Goldman Sachs Group Inc has agreed to pay $56.5 million to resolve a U.S. class action lawsuit accusing it and other banks of rigging an interest rate benchmark used in the $553 trillion derivatives market.
Wells Fargo fails ‘living will’ test, faces restrictions: U.S. regulators
NEW YORK/WASHINGTON U.S. officials on Tuesday limited Wells Fargo & Co’s (WFC.N) ability to grow its business, punishing the bank for not having a sufficient plan to protect markets in the case of bankruptcy. The ruling crowns a dismal year for the San Francisco lender roiling from a scandal in which bank employees created as many as 2 million accounts without customer authorization.
Deutsche Bank Records Said to Show Silver Rigging at Other Banks
Eight months after Deutsche Bank AG settled a lawsuit claiming it manipulated gold and silver prices, documents it disclosed as part of the accord provide “smoking gun” proof that UBS Group AG, HSBC Holdings Plc, Bank of Nova Scotia and other firms rigged the silver market, plaintiffs claim.