Wisconsin Banking Update
Providing banking news in Wisconsin that Wisconsin Bankers can use. Keep on top of all the banking issues that are affecting Wisconsin in one place. If you would like to receive these updates by email please subscribe by entering your email address on the right. There is no cost and no obligation.
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Koss Corp. Sues Park Bank Over Embezzlement
Posted on February 11th, 2011 No commentsKoss Corp. is now suing Park Bank in Milwaukee, plus other banks, an audit firm and a credit card company for failing to detect a chunk of former Koss executive Sujata Sachdeva’s $34 million embezzlement, according to The Business Journal of Milwaukee. -
B of A to Pay $410M in Fee Lawsuit
Posted on February 5th, 2011 No commentsBank of America has agreed to pay $410 million to settle a federal lawsuit alleging the bank charged excessive overdraft fees. The suit is one of several filed against banks – including Wells Fargo and Citibank – from plaintiffs in 14 states, according to an AP story on the Wisconsin State Journal web site. -
M&I Shareholder Sues Over Acquisition
Posted on December 21st, 2010 No commentsA shareholder filed a class action lawsuit against Marshall and Isley Bank claiming the current acquisition deal between M&I and the Bank of Montreal is unfair, reported WISN-TV in Milwaukee. -
Merger Clause Helps Bank in Dispute
Posted on December 15th, 2010 No commentsA merger clause in a bank’s lending agreement barred a real estate firm from obtaining breach of contract damages for the bank’s failure to extend additional loan amounts for a condominium project in Milwaukee, the Wisconsin Supreme Court recently held. Read the State Bar of Wisconsin article. -
Court Reverses Ruling on Records Request
Posted on December 8th, 2010 No commentsThe 7th Circuit Court of Appeals reversed a district court ruling that allowed the city to withhold the records requested by American Bank, Fond du Lac, under Wisconsin’s open records law. The bank requested records less than two weeks after suing the city over its September 2009 default on $22.8 million worth of municipal revenue bonds issued to convert a Menasha Utilities power plant to a steam generation facility. Read more in the Appleton Post Crescent. -
Barron Resident Sues Bank Over Mortgage
Posted on December 4th, 2010 No commentsLitigation action recently filed in Barron County Circuit Court is pitting a Barron resident against a local bank for allegedly mismanaging mortgages. In a civil case against First National Bank and Trust of Barron, a resident accused the financial institution of botching an agreement they had regarding mortgage payments, and the plaintiff maintained that he will be forced into bankruptcy because of it, the Barron News-Shield reported.
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U.S. Bank Lawsuit Divides Court
Posted on November 24th, 2010 No commentsA lawsuit alleging that U.S. Bank fired an employee to prevent paying her benefits has divided the Wisconsin Supreme Court. The high court, in reviewing an opinion from the state’s First District Court of Appeals, was split 3-3 on whether state law protected the benefits the employee, Deanne Phillips, accrued while working as a financial planner for the bank between 1998 and 2007, according to Milwaukee Magazine’s NewsBuzz. -
Guaranty Bank Settles Insurance Lawsuit
Posted on October 20th, 2010 No commentsBrown Deer-based Guaranty Bank has settled a federal lawsuit that accused an insurer of illegally selling the bank mortgage guarantee insurance. In early 2009, Guaranty filed a lawsuit asking the court to let it stop paying premiums to Evanston Insurance Co. of Deerfield, Ill., but nonetheless keep the insurer’s coverage on its home-equity loan portfolio intact, the Milwaukee Journal Sentinel reported. -
Wisconsin Joins Mortgage Investigation
Posted on October 13th, 2010 No commentsWisconsin officials have joined a nationwide investigation into whether mortgage servicers improperly submitted documents used to foreclose on homeowners around the country, an issue that could further delay the revival of the housing market. Read more in the Milwaukee Journal Sentinel or the Business Journal of Milwaukee. -
PNC Financial Also Suspends Foreclosures
Posted on October 8th, 2010 No commentsPNC Financial Services Group Inc. joined Bank of America Corp., JPMorgan Chase & Co. and Ally Financial’s GMAC Mortgage Unit in stopping mortgage foreclosures and evictions for a month so it can review whether documents it submitted to courts complied with state laws, the Small Business Times of Milwaukee reported.