Category Archives: ProSeAction
http://www.reuters.com/article/us-hsbc-arrest-idUSKCN1001T1
http://www.prnewswire.com/news-releases/florida-attorney-joins-las-vegas-mans-legal-team-in-federal-lawsuit-against-bank-of-america-and-nationstar-mortgage-llc-300295319.html
http://www.washingtonsblog.com/2016/04/big-bank-admits-manipulating-gold-silver-prices.html
http://www.militarytimes.com/story/military/2016/06/24/jag-officer-alleges-scra-mortgage-loan-violations-lawsuit/86341320/
JAG officer alleges SCRA mortgage loan violations in laws | Military Times
An Army attorney has filed a federal lawsuit against a mortgage servicing company alleging its officials violated the Servicemembers Civil Relief Act by overcharging her in interest and fees on her mortgage loan. Army Capt. Melissa A. Dunkley, stationed at Joint Base Lewis-McChord, Washington, is suing Nationstar Mortgage LLC of Lewisville, Texas.
http://www.wsj.com/articles/merrill-lynch-to-pay-415-million-to-settle-sec-accounts-probe-1466693817
Bank of America to Pay $415 Million to Settle SEC Probe
Bank of America Corp. will pay $415 million to resolve accusations from the Securities and Exchange Commission that it misused customer cash and securities to generate profits, the agency said Thursday. The bank’s Merrill Lynch brokerage unit put at risk customer assets worth as much as $5 billion to $58 billion at a time, depending on the week, over a period spanning 2009 to 2015, the SEC said.
http://www.reuters.com/article/us-countrywide-lawsuit-mozilo-idUSKCN0Z326X
Ex-Countrywide CEO Mozilo will not face U.S. fraud case: sources
NEW YORK Former Countrywide Financial Corp CEO Angelo Mozilo and other executives will not face a U.S. Justice Department lawsuit for defrauding investors in mortgage-backed securities issued before the 2008 financial crisis, people familiar with the matter said on Friday.
http://www.reuters.com/article/bankofamerica-appraisals-idUSL1N19524T
Lawsuit accuses Bank of America’s Countrywide of appraisal fraud
Westlaw News | Mon Jun 13, 2016 | 7:33pm EDT Bank of America’s Countrywide unit has been hit with a racketeering lawsuit accusing it of using fraudulent appraisals to qualify homeowners for mortgage loans and boost its profits in the years before the housing crisis.
http://www.reuters.com/article/bankofamerica-privilege-idUSL1N19221G
Court rules BofA, Countrywide communications not privileged
Westlaw News | Fri Jun 10, 2016 | 6:35pm EDT Bank of America must turn over communications it had with Countrywide Financial Corp before the companies’ merger, New York’s highest court has ruled, rejecting arguments that the documents were privileged.
http://bigstory.ap.org/article/baaef66ce3aa470ca3e8e1899dd6bd3f/ny-court-uphold-limit-attorney-client-privilege
Court says Bank of America must disclose communications
ALBANY, N.Y. (AP) – New York’s highest court ruled Thursday that Bank of America must disclose to an insurer communications it had with Countrywide Financial six months before the bank bought the mortgage lending company in 2008. The insurer, Ambac Assurance Corp., claims in a lawsuit that Countrywide illegally misrepresented its mortgage-backed securities.
http://www.latimes.com/business/la-fi-first-mortgage-fraud-20160602-snap-story.html
A weird fraud case: Lender was accused of making good mortgages look bad
In countless cases against banks and other lenders over the last few years, investors and federal regulators have made basically the same argument: that lenders committed fraud by hiding the flaws of risky mortgage loans and passing them off to investors and the government as safe, solid ones.
Woman inherits thousands – but bank blocks her from accessing cash
Woman inherits thousands – but bank blocks her from accessing cash
Imagine inheriting thousands of dollars only to be told you can’t touch that money. That’s happening right now to a woman in Detroit. Her entire account is frozen and now she’s worried she won’t be able to pay her bills.
Big bank plans $420 million lawsuit over soured Countrywide loans
Big bank plans $420 million lawsuit over soured Countrywide loansHSBC plans to file a $420 million lawsuit against Bank of America and Merrill Lynch over soured Countrywide mortgage loans. HSBC notified the state of New York of its intention to file the lawsuit this week, claiming that Merrill Lynch and Bank of America allowed Countrywide loans to be securitized despite knowing they were toxic, according to a HousingWire report.
RBC, 15 other global banks face revived lawsuits over LIBOR-rigging allegations
Lawsuits revived against Royal Bank of Canada and 15 other banks in LIBOR-rigging caseA federal Appeals Court in New York City has reinstated lawsuits against 16 of the world’s largest banks, including the Royal Bank of Canada, alleging they colluded to manipulate a benchmark interest rate. The 2nd U.S. Circuit Court of Appeals in Manhattan on Monday restored the lawsuits, which had previously been dismissed by a lower-court judge.
via Cbc
Lawsuit accusing 16 big banks of Libor manipulation reinstated by US court
Lawsuit accusing 16 big banks of Libor manipulation reinstated by US courtA US appeals court on Monday reinstated a civil lawsuit accusing 16 major banks of conspiring to manipulate the Libor benchmark interest rate. The ruling, which overturns a 2013 decision, could bankrupt the institutions, the judges warned.
via the Guardian
SSA lawsuit may be first of many
SSA lawsuit may be first of manyLONDON, May 19 (IFR) – At least four more law firms may be lining up to sue a group of five banks for alleged collusion in bond trading, following a lawsuit brought by a US pension fund this week.
via Reuters
Bank of America misled trading partners
Lawsuit: Bank of America misled trading partnersA female Bank of America ( BAC) executive has filed a federal lawsuit accusing the nation’s largest bank of misleading trading partners, discriminating against her based on gender and condoning a “bro’s club” workplace with “all-male sycophants.”
via USA TODAY
5 major banks rigged $9trn bond market
5 major banks rigged $9trn bond market – lawsuitTraders at major financial institutions including Bank of America and Deutsche Bank AG colluded to rig the prices of bonds from government-linked organizations that were bought and sold on a $9 trillion market, a new lawsuit claims. Five big banks – Bank of America, Credit Agricole SA, Credit Suisse Group AG, Deutsche Bank AG, and Nomura Holdings – were named as defendants in the proposed class-action lawsuit, filed Wednesday by the Boston Retirement System pension fund for city workers.
via RT International
Seven Major Banks Pay Chump Change to Settle Lawsuit Over Lucrative Scheme
Seven Major Banks Pay Chump Change to Settle Lawsuit Over Lucrative Scheme | VICE NewsSeven of the world’s biggest banks have agreed to pay $324 million to settle a private US lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market. The settlement made public on Tuesday, which requires court approval, resolves antitrust claims against Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, JPMorgan Chase, and Royal Bank of Scotland.
via VICE News
New gov’t rule would give Americans more power to sue banks
New gov’t rule would give Americans more power to sue banksA proposed rule by a federal consumer watchdog would grant Americans more power to sue banks and credit card companies over potentially wrong business practices, and decrease the chances that their lawsuits would be blocked.
via RT International