Home / News / Market Studies / Bank of America and Wells Fargo Most Sued Banks in 2010
Print This Post Print This Post

Bank of America and Wells Fargo Most Sued Banks in 2010

A recent report by ""Institutional Risk Analytics"":http://us1.institutionalriskanalytics.com/www/index.asp (IRA) says ""Bank of America"":https://www.bankofamerica.com/, and ""Wells Fargo"":https://www.wellsfargo.com/ are two of the most sued financial service firms in the United States.

[IMAGE] [COLUMN_BREAK]

IRA says that mortgage exposure is what is causing these two banks and others in similar situations to be embroiled in so many federal legal cases. Not only that, the California-based firm mentions the added burden many of these companies are also facing in litigation that will not reach federal court, such as cases involving foreclosure practices.

The IRA report found that last year Bank of America was sued in federal court 3,285 times and Wells Fargo was sued 3,092 times, noting that these cases can garner more than $1 million in settlement costs.

According to the report, ""Citigroup"":https://www.citigroup.com/, ""JPMorgan"":https://www.jpmorgan.com/, ""Goldman Sachs"":https://www.goldmansachs.com/, and ""Morgan Stanley"":https://www.morganstanley.com/ have many fewer lawsuits.

Only ""US Bancorp"":https://www.usbank.com/ has a large portion of mortgage exposure but manages to avoid a proportionally large amount of lawsuits, last year experiencing only 59 federal litigations.

About Author: Joy Leopold

x

Check Also

Record-Fast Home Sales Reflect Various Market Trends

Considering recent reports revealing just how competitive one must be to purchase a home in most parts ...

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.