September 19, 2016
- Deutsche Bank has said it will reject a $14 billion settlement proposal from the U.S. Department of Justice to put to rest claims the bank misled consumers into buying risky mortgage-backed securities in the lead-up to the financial crisis in 2007.
- JPMorgan Chase Bank NA asked a New York federal judge on Wednesday for a quick win in a putative class action over the bank’s alleged failure to properly file papers giving notice mortgages had been paid off for thousands of New York state homeowners.
- PNC Financial Services Group has agreed to pay at least $24 million to settle a class action in Pennsylvania federal court brought by homeowners alleging a bank it acquired overcharged fees and interest for its secondary mortgages and didn’t accurately disclose business arrangements or the terms.
- The Eleventh Circuit on Monday upheld a U.S. Tax Court decision that a married couple wrongly characterized the $8.5 million sale of their Florida property as a capital gain rather than an ordinary business expense, but struck down a penalty for understating their income tax.