Civil Litigation,
Banking
Jan. 19, 2021
Suit blames Bank of America for mass unemployment fraud
The lawsuit filed on Thursday in federal court in San Francisco argues that insecure standards led to rampant fraud that the banking giant neglected to address. In some cases, cardholders were unable to access their accounts because they were frozen, the suit says.
Following law enforcement and state agency reports that some $2 billion in California unemployment benefits were fraudulently paid out, a proposed class action blames Bank of America, saying its inadequate security measures led to a halt in legitimate payments to jobless plaintiffs.
The lawsuit filed on Thursday in federal court in San Francisco argues that insecure standards led to rampant fraud that the banking giant neglected to a...
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