The Inner Details of the Zelle Payment Network Fraud Lawsuit
The Zelle payment network fraud lawsuit is one of the class action lawsuits that have been filed in recent days. The lawsuit was filed by the consumer financial protection bureau against major banks and Zelle operators. This article takes an in depth look into the lawsuit sieving and bringing out the major details that are important about this whole case.
Zelle Network Payment Fraud Lawsuit
The consumer financial protection bureau is suing a number of organizations among them the Early Warning Services, LLC {EWS} which is the company that operates the Zelle network. Apart from these two, the bureau is also suing three other banks which together co-own EWS. These banks include, JP Morgan Chase, Bank America and Wells Fargo bank.
The Allegations in the Zelle Payment Network Fraud Lawsuit
The Zelle payment network fraud lawsuit contains a number of lawsuits which include failure to protect consumers. On this allegation CFPB alleges that the defendants in the lawsuit did not take the right measures to fully protect their consumers against the fraud that was happening on Zelle network. The allegation further accuses Zelle network in its second accusation of rushing to go and launch Zelle network all with the view of competing with other networks doing all this while failing to put in place adequate protection measures to safeguard their clients and their funds.
The last allegation contained in the Zelle payment network fraud lawsuit by the plaintiff is the issue of failure to offer reimbursement by Zelle. On this one, the CFPB allege that banks did not investigate fraud claims and not only did they not do that but they went ahead to deny consumers of their legally requirement reimbursements for all the fraudulent transfers occurred during the period in question.
After making these allegations, the CFPB has made a damning estimate where the body estimates that consumers might have lost money amounting to millions of dollars all happening due to the fraud that was on the Zelle network. Even worse, it is reported that many of the clients who reported fraud on the Zelle Network were denied the assistance they needed by their banks. In rather interesting cases, these clients were even asked to contact frauds on their own something that the CFPB finds to be so wrong and deserving of legal accountability.
The Progress of the Zelle Payment Network Fraud Lawsuit
The Zelle payment network fraud lawsuit is still ongoing in court at the moment. As such, there are no new details about it to report. The defendants in the lawsuit which is Zelle and the involved are also yet to issue a public statement regarding the matter. Further details about this lawsuit will be provided as they become available. At the moment, the affected people have to wait all while hoping that this lawsuit will end with a compensation that will get them the money they lost due to the fraud on Zelle network.
Final Thoughts
The Zelle payment network fraud lawsuit is complex with many details like the ones contained in the text above. The lawsuit seeks to pursue compensation for all the people affected by the Zelle payment network fraud and also hope that its ruling will bring to end similar cases of unabated fraud that results in the loss of client’s money.
