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Legal briefs: JPMorgan facing female pay discrimination-related lawsuit


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Legal briefs: JPMorgan facing female pay discrimination-related lawsuit

S&P Global Market Intelligence rounds up a selection of recent legal and regulatory developments in the bank space.

* Consumer regulator sues TCF National Bank, says bank brazenly pushed overdraft

Drawing parallels to the fake-accounts scandal at Wells Fargo & Co., the Consumer Financial Protection Bureau on Jan. 19 filed a lawsuit against TCF National Bank over its sale of overdraft services. The regulator cited a brazen sales culture that rewarded managers for selling overdraft protection and said the bank's CEO even named his boat the "Overdraft." The bank rejected the claims, saying its overdraft protection complied with the "letter and spirit" of the law. TCF National Bank is a unit of TCF Financial Corp.

* Labor sues JPMorgan over alleged female pay discrimination

The U.S. Department of Labor sued JPMorgan Chase & Co. for allegedly paying several female IT employees less than their male counterparts for about the last five years.

* US files suit against JPMorgan over discriminatory lending accusations

The U.S. government filed a complaint in a Manhattan federal court against JPMorgan alleging that the bank discriminated against minority borrowers, Reuters reported Jan. 18.

* DOJ sues Minnesota-based bank for alleged redlining

The U.S. Department of Justice on Jan. 13 sued Chaska, Minn.-based KleinBank for allegedly discriminating against potential customers from minority neighborhoods in the Minneapolis-St. Paul metropolitan area. The bank is a unit of Klein Financial Inc.

* FHLB of San Francisco agrees on $119M settlement related to MBS purchases

The Federal Home Loan Bank of San Francisco entered into a $119 million settlement agreement related to the bank's purchase of private-label mortgage-backed securities.

* Ex-Plains State Bank president sentenced to 1 year of federal probation

Former Plains State Bank President James Friend was sentenced to one year of federal probation for failure to report suspicious activity in the account of bank customers George and Agatha Enns while he worked at the Plains, Kan.-based bank, The Wichita (Kan.) Eagle reported Jan. 9. The bank is a unit of Plains Bancshares Inc.

* Shareholders sue Cardinal Financial over United Bankshares merger

A class-action complaint was filed against McLean, Va.-based Cardinal Financial Corp. and its board members over the company's pending deal with Charleston, W.Va.-based United Bankshares Inc.