Litigation

The private equity firms accused the bank of concealing key changes to a credit agreement, in part because it wanted to win future muni bond business from Brightline Holdings.

The lawsuit takes issue with the agency's 2022 guidance on nonsufficient funds fees, a hot-button topic in the banking industry. The FDIC is asking a judge to dismiss the case, arguing that the plaintiffs lack standing to sue.

The head of the Consumer Financial Protection Bureau defended the agency and its mortgage rules in particular on the 15th anniversary of the collapse of Lehman Brothers.

A district court judge ruled that Congress did not give the Consumer Financial Protection Bureau broad authority to look for discrimination, putting a major dent into the bureau's efforts to apply anti-discrimination principles to non-lending products such as advertising.

The deal, approved by a federal judge on Friday, resolves claims alleging that former CEO Tim Sloan and other bank executives made misleading statements to investors, the media and Congress.

The settlement resolves allegations dating to 2014 and covers 85 minority employees who alleged they were paid lower wages than their white counterparts and faced retaliation.

Kevin Meyersburg, who is white, says in a lawsuit that the Wall Street investment bank terminated his employment and replaced him with a Black woman who is less qualified for the position. Morgan Stanley declined to comment.

Two related cases the Supreme Court is considering hing on whether state laws preempt the National Banking Act on the payment of interest on mortgage escrow accounts.

Chief Executive Andy Cecere is among the defendants in a shareholder lawsuit that alleges that top officials at the Minneapolis bank profited from the concealment of employee misconduct. A U.S. Bancorp spokesperson denied the allegations.

UMB Financial hired an outside company to provide customer service in connection with some of its credit cards and debit cards. In a lawsuit, the Missouri bank alleges that the vendor suddenly stopped performing its duties, and that the bank's own employees had to step into the void.