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Legal briefs: Wells Fargo facing suit filed by Navajo Nation


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Legal briefs: Wells Fargo facing suit filed by Navajo Nation

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

* Navajo Nation sues Wells Fargo over sales practices

The Navajo Nation has sued Wells Fargo & Co. and Wells Fargo Bank NA over its sales practices, alleging that the bank had targeted members of the Indian tribe who neither wrote nor spoke English or were unfamiliar with banking services, and then falsely claimed that none of its community members had been harmed.

* Lawsuit alleges fraud, sexual misconduct at Banc of California

A wrongful termination suit filed against Banc of California Inc. alleges that the company illegally inflated its profits, that it had a culture of sexual harassment and that corporate money was spent in strip clubs, court documents show.

* USAmeriBancorp, Valley National face merger-related lawsuit

A class-action lawsuit is seeking to stop Clearwater, Fla.-based USAmeriBancorp Inc.'s pending merger with Wayne, N.J.-based Valley National Bancorp.

* Appeals court revives overdraft claim against Capital One Financial

The U.S. Court of Appeals for the Second Circuit revived claims of illegal overdraft fees and violation of consumer protection laws filed against McLean, Va.-based Capital One Financial Corp.

* CIT Group to pay $29.9M to settle complaint over servicing errors

New York-based CIT Group Inc. on Nov. 22 agreed to pay $29.9 million to settle a demand for arbitration filed by Ocwen Loan Servicing LLC.