Lawsuit alleges Zelle and its owners failed to protect consumers from fraud [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
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Source: Yahoo! Finance
The Consumer Financial Protection Bureau is suing the operator of the app, along with three of its owners, which includes some of America's largest banks. The agency says the entities failed to protect consumers from fraud. In the lawsuit, the CFPB alleges the entities hurried the popular money-sending network to market so it could compete with similar apps without applying affective safeguards for consumers. It also alleges customers of JP Morgan Chase, Bank of America and Wells Fargo have lost over $870M since Zelle launched in 2017. The lawsuit goes on to allege some consumers who filed fraud complaints were widely denied assistance and some were told to contact fraudsters directly to get their money back. Furthermore, it alleges the named banks failed to provide customers with “legally requirement reimbursement for fraud and errors” and correctly investigate complaints made. A spokesperson with Zelle issued a statement that reads: “The CFPB's attacks on Zelle are legally
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JPM
News
- CFPB sues America's largest banks for 'allowing fraud to fester' on Zelle [Yahoo! Finance]Yahoo! Finance
- Powerless Against Financial Scams, The CFPB Scapegoats The Big Banks [Forbes]Forbes
- CFPB sues JPMorgan, Bank of America over alleged Zelle fraud [Fortune]Fortune
- CFPB Sues JPMorgan, Bank of America Over Alleged Zelle Fraud [Yahoo! Finance Canada]Yahoo! Finance Canada
- Why Kilroy Realty Stock Flew Higher on Friday [Yahoo! Finance]Yahoo! Finance
JPM
Earnings
- 10/14/24 - Beat
JPM
Sec Filings
- 12/20/24 - Form 424B2
- 12/20/24 - Form 424B2
- 12/20/24 - Form 424B2
- JPM's page on the SEC website