Shannon Duffy reports on Wachovia to Pay $178 Million to Settle RICO Class Action in today’s edition of The Legal Intelligencer.
Falony v. Wachovia
Wachovia Corp. agreed to pay what could amount to more than $200 million in a settlement of two class-action lawsuits accusing the bank of helping telemarketers fraudulently lift money from the accounts of customers, reports The Philadelphia Business Journal in Wachovia paying up to $200M to settle telemarketing case.
Charles Duhigg reports in The New York Times on Papers Show Wachovia Knew of Thefts. Last spring, Wachovia bank was accused in a lawsuit of allowing fraudulent telemarketers to use the bank’s accounts to steal millions of dollars from unsuspecting victims.
In one of a series of articles by The New York Times’ Charles Duhigg, Bilking the Elderly, With a Corporate Assist, this piece details how thieves operated from small offices in Toronto and hangar-size rooms in India.