Bank's use of overdraft fees to generate profit.

Bragging Rights

I don't think that any person has this bragging right.
I could have put a big hurt on the banking systems!

Please, someone confirms this!

The main point of my Lawsuit was to changes the banks use of overdraft fees to generate profit.

United States Federal Court
Southern District of Florida
Case # 09-82271-Civ-Marra/Johnson

Houman v

Bank of America
JPMorgan Chase & Company
Citibank Corporation
Wells Fargo & Company
Wachovia Bank
Bank Atlantic Bancorp.

My main original argument was that banks had a "Fiduciary" to its depositors. As a Realtor, I have a Principal, Fiduciary and a "Code of Ethics." None of which exist in the banking industry.

Planning my second responses, the argument was that banks would with intent to defraud by posting, verbally conveying or implying an incorrect, fraudulent, deceptive, deceitful, or misleading bank balance. I remember deciding not pursue a refund because it would be monetarily detrimental to smaller banks. Two subsequent class action lawsuits using the same argument won hundreds of millions of dollars.

You are wondering how asking for a refund of my overdraft fees could make a difference? Using The Federal Deposit Insurance Corporation Study of Bank Overdraft Programs of November 2008 (FDIC) I could prove a "Conspiracy to Defraud" and asks for triple damages, setting a precedent for other to sue. Now you do the math if millions sued?

I called or e-mailed 30 to 40 lawyers or law firms over a 6 month period and never found representation. Some of the Ambulance chasers type laughed when I asked.

What did I learn?

1. It can be Immoral, Unethical, Dishonest, or Unprincipled but if it's not illegal big business will screw you. We need to change the system from Caveat Emptor to Caveat Venditor.

2. Most Lawyers are State Law not Federal Law orientated.

3. I could scents fear in some lawyers when I asked them about going up against Big Banks.

4. Any Law firm that had a banking background was under retainer.

I have to apologize for sounding Negative, most Lawyers were sympathetic but could not help because my lawsuit was not in the realm of their expertise's and told me "Good Luck" not a condescending "Good Luck."

Court Ruling:

OPINION AND ORDER granting 16 Motion to Dismiss with prejudice. All pending motions are denied as moot. This case is CLOSED. Signed by Judge Kenneth A. Marra on 6/9/2010


As a State Senator I will pursue legislation that is consumer orientated and Business Friendly.



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