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Bank Declines Land in Foreclosure Suit
Posted on February 5th, 2010 No commentsM&I Bank has filed a foreclosure suit because of a delinquent $1.6 million loan on a housing development in Franklin, Wis. The developer offered to give the bank the land, which the bank declined, according to a story in the Milwaukee Journal Sentinel.
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Mortgage Giants Take Aim at MGIC
Posted on December 23rd, 2009 No commentsCountrywide Home Loans Inc. and BAC Home Loans Servicing LP have filed a complaint against Milwaukee-based MGIC Investment Corp., alleging that the mortgage insurer has denied, and continues to deny, valid mortgage insurance claims submitted by Countrywide and BAC Home Loans, according to the Milwaukee Business Journal.
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Wisconsin Sues Homeowner-Assistance Firm
Posted on October 13th, 2009 No commentsThe Wisconsin attorney general’s office is suing 21st Century Legal Services Inc., a California company that offers to help distressed homeowners lower their mortgage payments. The state accuses the company of instructing notaries it used to do business in Wisconsin not leave copies of signed agreements with customers and to obtain fees in advance of providing service. Both of those actions are against state law. Read more in the Milwaukee Journal Sentinel.
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Restitution Slow in Coming in Strong Case
Posted on September 18th, 2009 No commentsHundreds of thousands of individual and institutional investors in Strong Capital Management’s mutual funds could begin receiving an estimated $154 million in settlement funds, but the distribution process could take another two years or more, the Business Journal of Milwaukee reported.
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EEOC Sues Bank for Discrimination
Posted on August 24th, 2009 No commentsThe Equal Employment Opportunity Office said it has sued a JPMorgan Chase bank in Monona, Wis., for allegedly denying a promotion to an employee because she was African-American and pregnant. Read the Milwaukee Journal Sentinel article.
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$3 Fee Costs Bank $90,000
Posted on July 4th, 2009 No commentsA class-action lawsuit is costing Chicago-area Marquette Bank $90,000. The suit claims that the bank’s ATM violated the federal Electronic Funds Transfer Act by not disclosing that she’d be charged a $3 non-customer fee. Read the Chicago Sun-Times article.
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Developers Lose Pre-Payment Penalty Lawsuit
Posted on June 19th, 2009 No commentsA developer that filed a lawsuit fighting a $797,000 penalty charged for repaying a commercial loan early will have to pay the bank an additional $834,000 more as a pre-payment penalty, a Milwaukee Circuit Court judge has decided. Read more in the Milwaukee Journal Sentinel’s Proof and Hearsay blog.
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Judge Rules in Financial Adviser Case
Posted on June 4th, 2009 No commentsA federal court judge has rejected a request by Smith Barney to order financial advisers who now work for Robert W. Baird & Co.’s Green Bay office to stop soliciting Smith Barney clients. Smith Barney’s non-solicitation agreement with the employees was “overly broad” and invalid under Wisconsin law, the judge ruled. Read the Milwaukee Journal Sentinel article.
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No Prosecution for Bad Check Writers
Posted on January 18th, 2009 No commentsOutagamie County is the 16th county in Wisconsin to contract with the Minnesota-based Financial Crimes Services, which charges bank fees and required class fees on top of restitution to people who write bad checks, allowing them to avoid criminal prosecution, the Appleton Post-Crescent reported.