November 4, 1999 |
Making good on their promise, California bankers filed suit Wednesday in federal court to overturn a ballot proposition approved overwhelmingly by San Francisco voters to outlaw the ATM surcharges that many banks charge non-customers. The passage of Proposition F on Tuesday made San Francisco the first city in the nation to curb--by citizen initiative--automated teller machine fees. Wednesday's lawsuit also targeted Santa Monica, where the City Council passed a similar law last month.
October 28, 1999 |
City Financial, a mortgage lender based in Orange, filed a trademark infringement suit against banking giant Citigroup Inc., alleging that Citigroup is confusing people with the name of its new CitiFinancial Credit Co. business. City Financial seeks to block Citigroup from using the CitiFinancial name, and City Financial projects it could suffer damages of as much as $125 million from what it calls unfair competition and false advertising.
June 15, 1999 |
Hoping to grow in an increasingly saturated market, credit card banks are offering some of the best deals ever: How about 0% interest for six months? A permanent rate as low as a mortgage? Cash back for every dollar charged? But even as the offers get sweeter, the credit card industry is under attack for failing to live up to its promises.
November 13, 1998 |
Golden State Bancorp Inc.'s California Federal Bank can't recover potential profit it lost as a result of a 1989 accounting rule change that sparked its $1.6-billion "supervisory goodwill" lawsuit against the U.S., a federal judge ruled. U.S. Claims Judge Robert H. Hodges' ruling doesn't destroy Cal Fed's case. Still, Hodges' one-page order undermines a key Cal Fed theory and throws a curve ball at litigants seeking as much as $30 billion in 120 cases.
November 13, 1998 |
Federal regulators slapped restrictions on Fidelity Federal Bank after credit card losses drained the thrift's financial cushion, Fidelity said Thursday. Fidelity Federal and its parent, Los Angeles-based Bank Plus Corp., said a $59.8-million third-quarter loss depleted Fidelity's risk-based capital, a key measure of financial strength, from 11.22% of total assets as of June 30 to 8.66% as of Sept. 30.
October 9, 1998 |
Golden State Bancorp Inc.'s California Federal Bank asked a judge for more than $1.6 billion in damages in its "supervisory goodwill" lawsuit against the U.S. government. The damages request, which asks for more than many analysts and investors expected, could give a boost to other litigants seeking as much as $30 billion in 120 separate cases. The aggressive bid could also pave the way for other lawsuits.