Miller: Banks may still face suits after settlement
Five major U.S. banks may still face state securities-fraud claims and municipal lawsuits about unpaid mortgage fees under a settlement that is “getting closer,” Iowa Attorney General Tom Miller said yesterday. Miller, who is leading the multistate settlement negotiations, said that any settlement wouldn’t prevent a growing number of municipalities from suing the banks – Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc. — for allegedly cheating them out of millions of dollars in filing fees, or individual states from pursuing securities claims against banks, Bloomberg reported. “They won’t be released. They will go forward,” Miller said about securities claims brought by states. “There will be ongoing litigation” against the banks, he said.