ST. LOUIS • A 97-year-old St. Louis man who ran a jewelry repair shop downtown for decades after emigrating from Hungary believes Bank of America has cheated him out of more than $77,000 of his retirement money.
Karlo Tanko, a widower who lives in the city’s Boulevard Heights neighborhood, sued Bank of America on Friday in St. Louis Circuit Court, accusing his former branch at 6639 South Kingshighway of liquidating one of his savings accounts without his consent by forging his signature on a withdrawal slip.
Around the time his wife of 69 years died in June 2012, Tanko transferred five CD accounts from Bank of America to U.S. Bank, according to the lawsuit and his lawyer, Albert Watkins. Tanko soon realized he never received statements from one of accounts that held $77,477.51. He inquired with U.S. Bank and was told it was never transferred. At that point, he went back to Bank of America and was told the account didn’t exist.
Bank of America (BAC) CEO Brain Moynihan believes it is the right time to introduce changes to the Volcker rule of the Dodd-Frank Act. Moynihan was speaking with Handelsblatt Global, a German language business newspaper published in Dusseldorf.
The Volcker rule is a federal regulation that keeps banks from conducting some investment activities using their own accounts. It also limits the banks’ ownership of and their relationships with hedge funds.
CHICAGO (CN) – The Seventh Circuit issued Bank of America a stinging rebuke, finding it should not recover $893,000 from three convicted fraudsters because its own reckless mortgage lending showed deliberate indifference to the risk of losing the money.
Minoas Litos and Adrian and Daniela Tartareanu were convicted of fraud for falsifying loan applications and financing the sale of their own properties to buyers in Gary, Ind. They walked away with the purchase price of the property, minus the amount of the down payment.
As required by federal law, the fraudsters were ordered to pay restitution to their victim – Bank of America – in the amount of $893,015, on the ground that they cheated the bank by pretending that the buyers were the source of the down-payment money.
On appeal, the Seventh Circuit vacated the restitution order Friday and condemned the bank’s pre-2008 financial crash lending practices.
The Federal Deposit Insurance Corp. has filed a lawsuit against Bank of America Corp. (NYSE: BAC), claiming the Charlotte-bank owes at least half a billion dollars in unpaid deposit insurance, according to a Bloomberg report.
The U.S. banking regulator sued Bank of America in federal court in Washington on Monday over accusations that the bank “ignored FDIC instructions on how to account for its exposure to counterparties,” Bloomberg and other media outlets reported.
The Department of Housing and Urban Development announced Friday that it is charging Bank of America and two of its employees with discriminating against Hispanic mortgage borrowers.
The charges stem from a complaint filed by the National Fair Housing Alliance, which conducted a series of “secret shopper” tests where Hispanic and non-Hispanic individuals, posing as prospective mortgage borrowers, attempted to get a mortgage from a Bank of America branch in Charleston, South Carolina.
And it’s perfectly legal.
Some of the biggest foreign investment and commercial banks operating in Britain paid an average tax rate of just 6% on the billions of dollars of profits they made in the country last year, a Reutersanalysis of regulatory filings shows.
That is less than a third of Britain’s corporate rate of 20%. There is however nothing illegal about how they managed to reduce their taxes, and includes using losses built up during the financial crisis to offset current bills.
Seven of the biggest international banks operating in London—Europe’s main investment banking center—have published profit and tax data ahead of a year-end deadline stipulated by EU law.