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Bank of America has agreed to a $2.85 million settlement over claims it violated New York’s Exempt Income Protection Act by improperly charging fees on restrained accounts. Affected account holders from January 1, 2009, to February 17, 2023, may receive cash payments estimated at around $35, with no claim form required. The bank will also change its practices, ensuring exempt funds remain in accounts and no longer aggregating accounts for calculations.
Morgan Stanley is appealing a $1.6 million arbitration award granted to former banking specialist Charles H. Randall, who claimed age and gender discrimination. The firm argues the arbitrator showed bias by not disclosing a past fraud claim against its predecessor and allegedly sleeping during key testimonies. A judge upheld the award, stating the firm failed to prove the arbitrator's partiality or misconduct.
A Dutch environmental group, Milieudefensie, has initiated legal action against ING bank, seeking to compel it to reduce carbon dioxide emissions by 50% by 2030. The group, supported by 30,000 co-plaintiffs, argues that ING's financing of fossil fuel projects undermines the Paris Agreement's climate goals. Despite a recent court ruling against similar climate actions, Milieudefensie remains optimistic about their case, emphasizing the need for financial institutions to shift investments towards sustainable practices.
Bank of America may close accounts deemed inactive under state escheatment laws, affecting various financial products if there is no activity for three years or more. Customers are advised to regularly check their accounts to avoid triggering these procedures and potentially losing access to their funds. Each state has specific rules regarding what constitutes an abandoned account and the timeline for reporting dormant assets.
Elon Musk’s Department of Government Efficiency (DOGE) has begun onboarding staff at the US Securities and Exchange Commission (SEC) to implement spending cuts, following the nomination of Paul Atkins to lead the agency. The SEC is preparing for a reduced workforce, with about 500 employees accepting buyout offers, and plans to eliminate office leases in Los Angeles and Philadelphia. Critics, including US Representatives Maxine Waters and Brad Sherman, have expressed concerns over Musk's influence on the agency, citing his contentious history with the SEC.
ING Groep NV is facing a lawsuit in the Netherlands from Milieudefensie, which claims the bank has not taken sufficient action to reduce its emissions. The nonprofit demands that ING halve its total emissions by 2030 and stop financing new oil and gas projects, highlighting the bank's significant climate impact. Despite acknowledging the lawsuit, ING asserts its commitment to climate action and has made strides in reducing its carbon footprint, including ceasing dedicated financing for new fossil fuel projects.
Attorney General Jason Miyares, alongside 17 other state attorneys general, announced the conclusion of an investigation into Wells Fargo after the bank decided to abandon its Environmental Social Governance (ESG) policies. Miyares emphasized that sound economics should take precedence over social trends, particularly for retirees and investors. While Wells Fargo has publicly ended its ESG commitments, the investigation into five other banks regarding similar policies will continue.
ING Groep NV, the largest bank in the Netherlands, is facing a lawsuit from an environmental nonprofit organization. The lawsuit claims that ING has failed to adequately incorporate climate change considerations into its operations and demands the bank disclose all accountable emissions and reduce them by half. The organization seeks to enforce ING's responsibility to limit its environmental impact.
ING Groep NV, the largest bank in the Netherlands, is facing a lawsuit from an environmental nonprofit organization. The lawsuit claims that the bank has failed to adequately integrate climate change considerations into its operations and demands that ING disclose all accountable emissions and reduce them by half. The organization seeks to hold the bank responsible for its environmental impact and enforce its obligations regarding climate change.
An environmental nonprofit has filed a lawsuit against ING Groep NV, claiming the Dutch bank has not adequately addressed climate change in its operations. The suit demands that ING take responsibility for its significant climate impact by clearly reporting all emissions and committing to halving them.
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bank of america settles class action for 285 million over account fees
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12:01 28.03.2025
ING Groep faces lawsuit for inadequate climate change action and emissions reduction
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ING Groep faces lawsuit over inadequate climate change measures
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