First Bank Of Delaware To Pay $16M To End DOJ Fraud Claims
Law360, New York (November 19, 2012, 5:13 PM EST) -- The U.S. Department of Justice reached a $15.5 million settlement with the First Bank of Delaware to resolve claims that the bank defrauded consumers by allowing countless debit transactions worth more than $100 million to go through without proper authorization, the agency announced Monday.
The bank originated more than 2 million withdrawal transactions on behalf of third-party payment processors "in cahoots with fraudulent [Internet] and telemarketer merchants," even though its customers never gave the greenlight for the transactions, according to the DOJ. In addition to $15 million in civil penalties, the settlement also calls for a $500,000 liquidating trust for consumers...
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