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After a slight decrease last month, lawsuits against financial institutions in the San Francisco Bay Area repeated their climb in June, 2010, with 148 new filings in Bay Area courts.[1]  This compares to 134 lawsuits in May, 144 lawsuits per month in March and April, 129 lawsuits in February, and 114 lawsuits in January.
 
As in past months, the two most common types of claims in June were alleged predatory lending (55) and wrongful foreclosure (32).  Homeowner plaintiffs frequently alleged that financial institutions deceived them into taking mortgage loans that were beyond their means, failed to adequately explain loan terms, and failed to negotiate loan modifications in good faith.  Other lawsuits alleged violations of the Fair Credit Reporting Act and the Real Estate Settlement Procedures Act, breach of contract and fiduciary duty, fraud, unfair business practices and bad faith, and even one allegation of false imprisonment.
 
In the employment arena, lawsuits remained common over the alleged failure to pay overtime wages.  Other employment claims included age, gender and disability discrimination, wrongful termination, and violations of the Family and Medical Leave Act.
 
One new class action filed in June contends that a bank fails to inform its customers that a transaction will overdraft their accounts, and fails to disclose that ATM transactions will incur fees.
 
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. 

[1] Federal courts for Oakland, San Jose and San Francisco, and state courts for Alameda, Contra Costa, Marin, Napa, San Francisco and Sonoma Counties.

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