Bankrupts in 2017, the year after the crisis, are on the rise.
Bankrupt lawyers and attorneys general across the country have been filing hundreds of lawsuits seeking relief from banks, lenders, and credit card companies.
The numbers aren’t as good as they were in 2016, but the trend is certainly there.
The Bankrupt Lawyer Project (BLP), which tracks the number of lawsuits filed in the US in 2017 as a whole, released a list of the top 10 cases in 2017.
Bankers were not among the top ten defendants, but there were three of them in the top five, including a class action lawsuit against the largest bank in the world.
Bank of America is also among the plaintiffs in the class action, which alleges the company violated the US Bankrupt Claims Act.
One of the most notable cases is the class-action suit against HSBC Bank, which led to a class-wide suspension of bank accounts for a year.
The other is a lawsuit against Wells Fargo, the largest consumer bank in America, which was also a class case.
Another case was filed by the National Association of Criminal Defense Lawyers, which sued the Bank of the United States for allegedly conspiring to defraud the US government.
Another lawsuit brought by the U.S. Department of Justice and the Securities and Exchange Commission (SEC) is a class lawsuit against Bank of New York Mellon.
In a statement, the SEC said it “has initiated a criminal investigation of a class of defendants who allegedly defrauded the U and U.K. governments by engaging in an unauthorized conspiracy to manipulate interest rates.”
The case against JPMorgan Chase, however, has yet to be resolved.
Another class-law suit against Wells is pending in the U, while the case against HSBC is pending against the SEC.
It is unclear what the outcome of those lawsuits is, as both companies are appealing.
While there is no legal precedent in the United Kingdom, it is not unheard of for companies to file suits against their creditors, as happened with Barclays in 2017 when it filed a class claim against the bank.
Barclays was later found guilty of conspiracy to commit fraud and other crimes.
HSBC also faced a class trial in 2018, which resulted in a conviction against the company.
The company has yet the chance to appeal the conviction, although it could still be appealed.
The SEC is also investigating Wells Fargo for a possible criminal scheme, although that is not in question.
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