Banks Say Target Hack Has Cost Them $153 Million In Replacement Cards

Banks Say Target Hack Has Cost Them $153 Million In Replacement Cards

It’s not just Target’s sales figures that are feeling the sting of the massive data breach that affected more than 100 million customers at the height of the holiday shopping season. According to a group representing the nation’s retail banks, financial institutions have had to spend more than $153 million to replace credit and debit cards in the last six weeks. [More]

Feds To Allow Tech Companies To Provide More Transparent Info On Data Requests

Feds To Allow Tech Companies To Provide More Transparent Info On Data Requests

While a number of the largest websites and telecom companies have recently published transparency data detailing the number of data requests made about consumers, these companies have been very limited with regard to what they could say about federal requests that fall under the header of national security. In response to a call for more transparency from several major Internet businesses, the government is changing its restrictions. [More]

Trio Charged With Running “One-Stop Shop” For Blank Bogus Credit Cards, Holographic Overlays

Trio Charged With Running “One-Stop Shop” For Blank Bogus Credit Cards, Holographic Overlays

All that credit and debit card information that gets stolen when criminals hack places like Target and Neiman Marcus is only worth so much to an ID thief. Sure, one could use that info to place online orders, but you’re just asking to be tracked down and caught that way. The real prize comes when you take that information and create real-looking credit cards with it. [More]

Ally Bank To Pay $98 Million For Charging Higher Interest To Non-White Borrowers

Ally Bank To Pay $98 Million For Charging Higher Interest To Non-White Borrowers

Earlier today, the Justice Dept. and the Consumer Financial Protection Bureau announced the largest auto loan discrimination settlement in U.S. history with the news that Ally Bank has agreed to pay $98 million, including $80 million in refunds to settle allegations that it has been charging higher interest rates to minority borrowers of car loans. [More]

Odds Of Comcast/Time Warner Cable Merger Are Pretty Slim

Odds Of Comcast/Time Warner Cable Merger Are Pretty Slim

Given a shared history of treating subscribers like ATMs and of taking the “do the least” approach to customer service, it almost made sense last month when the merger rumor mill went into overdrive with reports that Comcast was looking to acquire Time Warner Cable. But the odds of this marriage being blessed by regulators seem pretty slim. [More]


Bank Of America Found Liable For Countrywide’s “Hustle” Scam

A federal jury has found Bank of America (and a current JPMorgan executive) liable for a Countrywide Financial program that knowingly sold piles of cruddy home loans to Fannie Mae and Freddie Mac, meaning the bank could face nearly $850 million more in penalties added to the $40 billion-plus court tab it has tallied since acquiring the cratering mortgage-lender in 2008. [More]

Mayors Beg DOJ To Pretty Please Let US Airways/American Airlines Merger Happen

Mayors Beg DOJ To Pretty Please Let US Airways/American Airlines Merger Happen

While US Airways and American Airlines have had to indefinitely postpone their nuptials because the Justice Dept. decided the union might result in problems for consumers and the airline industry, the mayors of those cities that would be most positively affected by the merger are now pleading with Attorney General Eric Holder to see that these two companies obviously love each other and should be allowed to be together. [More]

Apple Makes Good On Pledge To Appeal E-Book Price-Fixing Ruling

Nearly three months after a federal court ruled that Apple had indeed conspired with the nation’s largest book publishers to anticompetively fix prices in the e-book market, the company has filed a notice of appeal with the U.S. Court of Appeals for the Second Circuit, possibly alleging that the court excluded important testimony that would have helped Apple’s defense. [via CNET]

(Studio d'Xavier)

It’s been more than six weeks since the Justice Dept. rained on the planned wedding between US Airways and American Airlines, and it looks like the fate of the two carriers may be further delayed by the current shutdown of the federal government. Earlier today, lawyers for the DOJ filed a motion for a stay in its lawsuit to block the merger because the shutdown is “creating difficulties for the Department to perform the functions necessary to support its litigation efforts.” [via Reuters]


Wells Fargo Fails At Getting Federal Mortgage Lawsuit Dismissed

The same day that trial began in the Justice Dept.’s lawsuit against Bank of America, the DOJ had another victory in a similar suit filed last year against Wells Fargo, as the bank failed this morning in its attempt to have the suit dismissed. [More]


Bank Of America On Trial Over Countrywide’s “Hustle”

There are children in elementary school who were not yet born in 2007, when Countrywide Financial allegedly launched a program dubbed the “Hustle,” which removed virtually all the roadblocks in the mortgage approval process so the lender could write as many loans as possible and quickly sell them off to Fannie Mae and Freddie Mac for billions of dollars. Many of those mortgages proved toxic, and six years later, Bank of America has to answer in court for the bad behavior of the mortgage company it must now regret acquiring. [More]


Publishers: Proposal To Punish Apple Hurts Us Instead

Last week, the Justice Dept. offered its first proposal of how Apple should be punished now that it’s been found to have colluded with publishers to fix e-book prices. Among those suggestions is that Apple cancel its existing pricing arrangement with the publishers in question and that it not enter into similar arrangements for another five years. But publishers claim that this ultimately hurts the content providers and not the retailer. [More]


DOJ Sues Bank of America For Lying About Sketchy Mortgage-Backed Securities

Even though Bank of America execs appear to have avoided criminal prosecution for their part in the recent economic collapse, BofA continues to be slapped upside its head with civil suits for its bad behavior. The latest comes from the U.S. Dept. of Justice, which sued BofA and a number of its affiliates, alleging the defendants misled investors by telling them that mortgage-backed securities were A-OK, when in fact they were more toxic than a house full of lead paint and asbestos. [More]

(Veronica Belmont)

DOJ Proposal: Apple Must Let Amazon, Barnes & Noble Sell E-Books Through iOS Apps

Though there are Kindle and Nook apps for iPhone and iPad, restrictions put in place by Apple prevent users from actually making e-book purchases via those apps without those companies having to pay a hefty commission to Apple. You can’t even see the prices Amazon and Barnes & Noble charge for e-books, thus making it difficult to comparison shop. But as part of the proposed remedies following Apple’s loss in the recent e-book price-fixing case, the Justice Dept. says consumers should have the option of buying e-books on iOS devices from Apple’s competition. [More]

On Feb. 14, Sen. Elizabeth Warren grilled bank regulators on their failure to take banks to trial.

Sen. Warren: Why Can Banks Commit Crimes But Get Away Without Admitting Guilt?

Back on Valentine’s Day, rookie U.S. Senator — and longtime consumer advocate — Elizabeth Warren of Massachusetts showed little love for the nation’s bank regulators, asking if any of them — the Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, Securities and Exchange Commission, the Federal Deposit Insurance Corporation — had actually taken a large financial institution to trial instead of settling. None of them could provide a quality answer at the time, but Warren has not let them off the hook. [More]


DOJ: Steve Jobs E-Mails Show That Apple Engaged In E-Book Price-Fixing

While all of the publishers involved in Justice Dept.’s e-book price-fixing lawsuit have settled, Apple has continued to maintain its innocence. With the trial set to begin in early June, the DOJ has some evidence it believes paints Apple in a rather damning light. [More]

(Great Beyond)

U.S. Government Sues Lance Armstrong To Get Post Office Sponsorship Money Back

In the years since the the United States Postal Service sponsored Lance Armstrong’s multiple Tour de France victories, the USPS has fallen into a serious financial crisis, and Armstrong has been exposed as a doping cheater and/or cheating dope. This chain of events has an obvious solution: why doesn’t the government sue Armstrong’s management and get that sponsorship money back? [More]

A-B InBev Inches Closer To Dominating Boring Beer Market

Though Anheuser-Busch InBev may have failed in its Worst Company In America battle against Electronic Arts, the beer behemoth is getting much closer to owning even more big-name beer brands, saying it has reached an agreement in principle with the Dept. of Justice that would allow it to acquire the rest of Mexico’s Grupo Modelo. [More]