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Financial Services & Economic Justice

Our firm is a leader in class action cases against banks and other financial institutions for unlawful practices that harm the most economically vulnerable in our society, including the working poor, students, elderly, and minority communities.

We have recovered hundreds of millions of dollars from banks and credit unions for charging overdraft fees in violation of their contracts with their customers by utilizing underhanded tricks to maximize overdraft charges. Another area of significant financial abuse that our firm fights is payday lending. We have cases pending against large banks like Fifth Third Bank that engage in unlawful usurious lending and against online payday lenders that have hidden behind fake relationships with Native American Tribes to invoke sovereign immunity to get away with loans with interest rates well above what is lawful.

Recently our firm won a settlement that returned hundreds of millions of dollars to victims of unlawful payday lending. Similarly, we have recovered millions of dollars for insureds who were overcharged by their insurance companies for insurance premiums. Tycko & Zavareei LLP is currently litigating against numerous insurers who are refusing to make full and complete payment on legitimate claims. We are also litigating dozens of cases across the country against mortgage loan services that are charging their own customers unlawful fees as high as $15 for the privilege of paying their mortgage over the phone or the internet.

Our firm is leading the way to eliminate these unlawful “pay-to-play” fees and returning millions of dollars to homeowners. Unfortunately, many (if not most) large financial institutions will use every tool at their disposal to maximize revenue from their customers using questionable tactics. And almost always, these tactics have a disproportionate impact on poor and minority communities. We are committed to fighting these practices and putting this money back into the pockets of the cheated consumers.

Class Actions

Obtained reversal of dismissal of class action against mortgage servicer for violating debt-collection laws by charging them fees to make their mortgage payments online or by phone, even though their mortgage agreements did not provide for such fees.

CaseBank of America Overdraft Fee Litigation

Outcome$1.2 billion in injunctive relief, and $66.6 million in cash and debt relief

“[T]he district court concluded that class counsel demonstrated ‘tenacity and great skill,’ achieving a ‘remarkable’ result in a ‘hard fought battle’ despite an ‘adverse legal landscape’ and the ‘substantial risk of non-payment.’ . . . This was a ‘risky’ case, and the result negotiated for the class was ‘exceptional.’” – United States Court of Appeals for the Ninth Circuit.

CaseBank Overdraft Fees Deception

OutcomeHundreds of Millions of Dollars Recovered for Consumers

The assessment of overdraft fees has become a major profit center for many banks.  In 2009, banks brought in $37.1 billion in overdraft charges alone. Tycko & Zavareei LLP is investigating banks that may charge overdraft fees on transactions that did not put an account into a negative balance at the time of the transaction.  In other words, some banks are charging their customers overdraft fees even when the account has never been overdrawn.

As Lead Counsel, Tycko & Zavareei LLP helped secure a $15 million common fund settlement with significant changes to business practices for illegal debit card fees.

CaseTarget Debit Card

Outcome$5 Million

A settlement has been reached in a class-action lawsuit alleging that Target deceptively marketed its Target Debit Card (“TDC”) and breached consumer agreements in the way it processed TDC Transactions and assessed Returned Payment Fees (“RPFs”). Class Members may be entitled to either an automatic payment or an automatic reduction of any outstanding balance on their TDC account. As part of the Settlement, Target has also agreed to several business practice changes related to TDC Transactions.

CasePayday Lending Litigation

Outcome$60 million settlement fund and cancellation of $380 million in loans

Tycko & Zavareei LLP was named class counsel in one of, if not the largest, unlawful tribal payday lending schemes. The Judge presiding over the bankruptcy portion of the settlement, Hon. Harlin D. Hale of the U.S. Bankruptcy Court for the Northern District of Texas stated that the case was “the most hard-fought bankruptcy case that [the Court] presided over in [] 17 years as a judge” litigated by “some of the best lawyers in America.”

CaseBank Overdraft Fees Deception

OutcomeHundreds of Millions of Dollars Recovered for Consumers

The assessment of overdraft fees has become a major profit center for many banks.  In 2009, banks brought in $37.1 billion in overdraft charges alone. Tycko & Zavareei LLP is investigating banks that may charge overdraft fees on transactions that did not put an account into a negative balance at the time of the transaction.  In other words, some banks are charging their customers overdraft fees even when the account has never been overdrawn.

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