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Tribune Co. Creditors Sue Banks Behind 2007 Buyout

NEW YORK - (AP) A group of Tribune Co. creditors filed a lawsuit Friday alleging the media company's nearly two-year stint in bankruptcy protection might have been averted if not for the greed of big banks who saddled the business with more debt than it could afford to repay. Full version available...

Foreclosure Class Actions Pile Up Against Banks

NEW YORK - (AP) Foreclosure-fraud class action lawsuits are starting to pile up against major banks across the U.S., threatening a besieged industry with billions more in potential losses. Bank executives are swarming Capitol Hill this week to defend themselves against multiple foreclosure-related investigations...

Court Approves Bank Of America's $410 Million Overdraft Settlement

A Florida court has given preliminary approval to Bank of America Corp.'s $410 million settlement of a federal lawsuit accusing the bank of charging excessive overdraft fees. The Charlotte, N.C. bank will place $410 million in an escrow account that will be divided among 1 million customers who were...

Borrowers Sue Over Apparent Loan Modification Mishaps

LOS ANGELES - (AP) It seemed Maria Campusano's financial problems were behind her when the mortgage on her Victorian home in a Massachusetts mill town was chopped by hundreds of dollars a month. She soon learned that her troubles had just begun. Weeks after making her first payment under the new...

Renewed Dismissal Motions In Bank of America/Merrill Lynch Litigation Denied In Part, Granted In Part

The facts and circumstances surrounding Bank of America's credit crisis-induced acquisition of Merrill Lynch remain among the highest profile and most controversial events during the global financial crisis. In a July 29, 2011 opinion ( here ), Southern District of New York Judge Kevin Castel granted...

AIG Sues Bank Of America For $10 Billion Over Mortgages

NEW YORK - (AP) More trouble piled up for Bank of America Corp. on Monday, as American International Group Inc. sued it for more than $10 billion, saying the bank cheated it by selling residential mortgage-backed securities that were overvalued. The suit comes on top of similar suits, which together...

Federal Government, State AGs Reach $25 Billion Agreement With Banks Over Foreclosures

WASHINGTON, D.C. - (Mealey's) The U.S. Department of Justice (DOJ) announced Feb. 9 that the federal government, attorneys general from 49 states and five national banks have reached a $25 billion settlement to resolve issues stemming from the lenders' allegedly fraudulent foreclosure practices...