Lawsuits against financial institutions in the San Francisco Bay Area maintained a steady pace in February, 2010, with 129 new filings in Bay Area courts. (Federal courts for Oakland, San Jose and San Francisco, and state courts for Alameda, Contra Costa, Marin, Napa, San Francisco and Sonoma Counties.) This compares to 114 lawsuits in January, 2010, and 119 lawsuits in December, 2009.
Of the 129 February lawsuits, the majority (36) accused financial institutions of violating the Truth in Lending Act (TILA) or other forms of predatory lending. The next most common claim (31) accused financial institutions of wrongful foreclosure. Other lawsuits alleged employment claims, unfair competition, fraudulent conveyance, and violations of the Real Estate Settlement Procedures Act (RESPA) and the Fair Credit Reporting Act. February saw two class actions against banks, one accusing a bank of wrongfully attempting to collect on home mortgages after foreclosure, and one claiming a bank engaged in improper electronic transfers. Multiple claims were made alleging that financial institutions wrongfully refused to modify home loans.
Cooper, White & Cooper’s Financial Crisis Group offers expertise in handling the issues being raised in the nation’s current housing, finance, banking, and real estate industry turmoil. Staffed by attorneys who are fully experienced in transactional and regulatory counseling, jury trials and complex litigation, bankruptcy, banking, and publicly traded securities, the Group stands ready to assist a wide variety of clients during these difficult times. Immediately responsive and pursuing aggressive action plans, we have consistently produced highly successful results. For further information, please contact Jill Rowe.