Litigation

The latest lawsuit accuses the firm of not only failing to look out for clients' best interests but also failing to secure "reasonable returns" on money held in retirement accounts.

Antitrust enforcers are preparing to accuse the payments giant of taking steps to keep rivals from challenging its dominance in the debit card market, according to people familiar with the matter.

The suit was filed by three New Jersey residents who alleged that BofA froze their prepaid debit cards during a pandemic-era fraud wave, blocking them from accessing unemployment benefits.

Fintech app Yotta filed a lawsuit against partner bank Evolve, arguing that it conspired with Synapse to misuse customer funds.

Agencies must now provide clearer justifications for their interpretations, while Congress needs to draft more precise legislation. The decision could empower banks to challenge agency rules more frequently and potentially prolong regulatory processes, with courts giving less deference to agency interpretations.

In a new lawsuit, a former BMO employee says he was fired because he reported his concern that the bank was intentionally charging too much to clients who used a foreign-exchange product. BMO denies the allegations.

The Canadian bank said it expects to recover hundreds of millions of dollars after a three-judge appeals panel found that it cannot be held liable in connection with a multibillion-dollar fraud. The ruling echoed a different appeals court's decision stemming from the collapse of Bernard Madoff's Ponzi scheme.

The American Bankers Association says a proposal to replace its own financial security identifier with one owned by Bloomberg exceeds the agencies' statutory authority and could disrupt financial markets.

The wealth management giants join their rivals Wells Fargo, Morgan Stanley, UBS, LPL Financial and Ameriprise in being accused of using uninvested cash in advisory accounts to boost their bottom lines rather than benefit clients.

The Federal Deposit Insurance Corp. is trying to limit the impact of a Supreme Court decision that curtailed federal agencies' use of administrative law judges.