Can I File a Lawsuit Against a Bank?

Did your bank engage in predatory lending schemes against you and your family? Were unlawful changes made to interest rates? If so, you may be eligible to file a personal injury lawsuit against the bank.

Before filing a lawsuit against a bank, though, there are a few remedies some people try first. Many people file complaints with the Federal Trade Commission, the Federal Deposit Insurance Corporation, or their local attorney general.

If these methods do not work, a lawsuit might be appropriate. To learn more about filing a lawsuit against a bank, speak with a local injury attorney. Complete the free form on this page to connect right away.

Predatory Lending Lawsuits Against Banks

Suing a bank is not always easy. Banks typically have large legal defense teams, and the elements required to prove a claim may be complex. Bank lawsuits, however, may offer real justice against rogue banks.

A good example of a successful lawsuit against a bank occurred recently in California, where the state sued Countrywide Financial Corporation for the bank’s use of predatory lending practices.

The lawsuit was eventually settled for $6.5 million, most of which was put in a fund to support foreclosed homeowners. Tactics used by Countrywide that were alleged to be illegal included:

  • Teaser rates. Lenders trapped consumers by offering low interest rates but failed to mention that these rates would skyrocket a few months into the payment period.
  • Troubling incentives. The bank paid higher commissions to lenders who persuaded consumers to take loans with higher interest rates than their credit scores warranted.
  • Relaxed standards. Countrywide frequently offered mortgages to people who could not afford a home loan.

So, these types of tactics have led to a healthy personal injury settlement for people injured by such predatory lending practices.

Other Indicators of Predatory Lending

Consumers must be cautious when dealing with lenders, even if they work for a trusted bank. Potential grounds for a lawsuit against a bank may also include:

  • Preying on the elderly. Some unscrupulous lenders may convince senior citizens to take loans with exorbitant interest rates.
  • Overuse of subprime loans. Many people who sign up for subprime loans with high interest rates actually qualify for regular loans with more reasonable rates.
  • Excessive fees. Regular loans typically have fees below one percent of the total loan amount. Fees that are five to ten percent of the total loan may be a sign of predatory lending.

Victims of predatory lending may be able to file a lawsuit against a bank. To learn more about your claim, contact a local injury attorney today.

Copyright © 2011 TotalInjury, LLC. (as licensee). All rights reserved.

Submit ZIP Code
Or, call us anytime. Available 24/7: 855-694-9176

Some bumps and bruises are a natural part of life. But when your pain is caused by reckless behavior, abusive behavior or negligent practices, Total Injury is there.

If you were injured as a result of someone’s negligence or intentional actions against you, you may have the right to compensation for any injury, damage or loss caused by the person at fault. About Us »

Attorneys: We help clients find you! Call 877-349-1307

PAID ATTORNEY ADVERTISEMENT. THIS WEB SITE IS A GROUP ADVERTISEMENT AND THE PARTICIPATING ATTORNEYS ARE INCLUDED BECAUSE THEY PAY AN ADVERTISING FEE. It is not a lawyer referral service or prepaid legal services plan. Total Injury is not a law firm. Your request for contact will be forwarded to the local lawyer who has paid to advertise in the ZIP code you provide. Total Injury does not endorse or recommend any lawyer or law firm who participates in the network nor does it analyze a person's legal situation when determining which participating lawyers receive a person's inquiry. It does not make any representation and has not made any judgment as to the qualifications, expertise or credentials of any participating lawyer. The information contained herein is not legal advice. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. Any information you submit to Total Injury does not create an attorney-client relationship and may not be protected by attorney-client privilege. Do not use the form to submit confidential, time-sensitive, or privileged information. All photos are of models and do not depict clients. To see the attorney in your area who is responsible for this advertisement, please click here.

FLORIDA ONLY: Total Injury is considered a lawyer referral service in the state of Florida under the Florida Rules of Professional Conduct. By all other standards, Total Injury is a group advertisement and not a lawyer referral service.

If you live in Mississippi, Missouri, New York or Wyoming, please click here for additional information.