The banks are the targets of lawsuits seeking class action status that were filed this week in U.S. District Court for the Southern District of Florida. The suits allege that Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank have abusive and excessive overdraft fee policies. A recent study by the Center for Responsible Lending found banks and credit unions raked in close to $24 billion in overdraft fees last year as an increasing number of Americans withdrew more from their checking accounts than they had in them. That's a 35% increase from just two years ago. The suits asks the court to stop the banks from charging overdraft fees and from engaging in 'wrongful, unfair and unconscionable practices.' They also ask for restitution along with actual and punitive damages. The named plaintiffs in that case are from Georgia, Florida, Indiana, Texas, and Louisiana.

Girard Gibbs LLP announced the pendency of a class action lawsuit against Wachovia Corporation and its subsidiaries on behalf of all persons and entities who, between March 19, 2003 and February 13, 2008, purchased Auction Rate Securities (ARS) in any auction for which Wachovia Securities, LLC or A.G. Edwards & Sons Inc. served as sole auction dealer, lead auction dealer, co-lead auction dealer, or joint lead auction dealer, and who were damaged thereby. Wachovia Securities and A.G. Edwards generally served as auction dealers for the ARS that they underwrote. Investors who continue to hold illiquid Wachovia-managed ARS or who sold those securities at a loss may be included in the litigation. The class action, captioned Waldman v. Wachovia Corp., et al., 08-cv-2913 (SAS), is pending in the United States District Court for the Southern District of New York. The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by engaging in a manipulative scheme to defraud purchasers of Wachovia-managed ARS. The Complaint alleges that throughout the class period, Wachovia Securities and A.G. Edwards engaged in deceptive and manipulative tactics directed at ARS investors to create the appearance of a functioning auction market. Such manipulative conduct included (1) maintaining a policy of intervening in every auction for which Wachovia Securities and A.G. Edwards served as the sole or lead auction dealer, to create the appearance of stability in the ARS market, mask the inherent illiquidity of Wachovia-managed ARS, and prevent auction failures (2) making false and misleading statements and incomplete disclosures about the liquidity of Wachovia-managed ARS and the role of each of the Defendants in propping up the ARS market (3) routinely intervening in auctions to set the rates of interest or dividends paid on those securities and deprive investors of the information necessary to assess the risk and volatility of Wachovia-managed ARS and (4) providing a par daily 'liquidity' service to A.G. Edwards customers to conceal risk and encourage investors to purchase Wachovia-managed ARS.

Per the Order of the United States District Court for the Southern District of New York, the law firm of Girard Gibbs LLP announces the pendency of a class action lawsuit against Wachovia Corporation and its subsidiaries on behalf of all persons and entities who, between March 19, 2003 and February 13, 2008, purchased Auction Rate Securities (ARS) in any auction for which Wachovia Securities, LLC or A.G. Edwards & Sons Inc. served as sole auction dealer, lead auction dealer, co-lead auction dealer, or joint lead auction dealer, and who were damaged thereby. Wachovia Securities and A.G. Edwards generally served as auction dealers for the ARS that they underwrote. Investors who continue to hold illiquid Wachovia-managed ARS or who sold those securities at a loss may be included in the litigation. The class action, captioned Waldman v. Wachovia Corp., et al., 08-cv-2913 (SAS), is pending in the United States District Court for the Southern District of New York. The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by engaging in a manipulative scheme to defraud purchasers of Wachovia-managed ARS.