Wachovia sued for elder abuse

An elderly, Mandarin-speaking couple are suing Wachovia Securities in Los Angeles Superior Court of financial elder abuse.  The couple claim Wachovia employee Anita Peterson “virtually wiped out” their account worth more than a $1 million after persuading them to liquidate their certificates of deposit so Peterson could put it into mutual funds “which would then be used as collateral for her to trade in options.” 

The plaintiffs aren’t fluent in English and the husband is 87 and blind while his wife is 74.

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Lawsuit: Wachovia’s overdraft overreaching

This is the third of these class actions filed against large retail banks.  First, I posted about Bank of America and last month it was Wells Fargo and now its Wachovia.   Basically, its concerns how the bank debits a customers account.  According to this complaint, Wachovia debits larger amounts first even if the larger amounts occurred after the smaller amounts.  The claim is that this is a way the bank manipulates its account so that it can charge over-draft fees.

I’ll interested to see how the courts respond to these lawsuits.  I’m betting they will say tough luck customers but I hope I’m wrong.

Complaint courtesy Courthousenews

740,000 get checks from Wachovia

And why is that you might ask?  Its seems that the now defunct bank, allowed telemarketers to access customer accounts in payment for products and services not authorized by the consumer.

Each consumer so afflict will get a settlement of $149.  Merry Xmas.

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Wells Fargo Asking for $$

Wells Fargo prices $11 billion stock offering at $27 per share

The article says its for the purchase of Wachovia, you know that bank with billions upon billions of debt.  What exactly is this $11 billion going for?