Recent and notable lawsuits against KeyBank you should know

All About KeyBank Lawsuits

Your contract with KeyBank probably holds you back from joining with any class action lawsuits. However, you have another legal option to get KeyBank to listen to you and take your complaint seriously.

On October 23, 2019, an employee with KeyBank filed a federal lawsuit in the U.S. District Court for the Northern District of Ohio. The employee asserted that KeyBank failed to not only him but thousands of other KeyBank employees, such as tellers and personal bankers, overtime wages as set forth by the Fair Labor Standards Act. He alleged that KeyBank did not pay employees for opening procedures that involved opening KeyBank’s branches every morning. Swartz Swidler, LLC has accepted the case on a contingency fee.

KeyBank is based out of Cleveland, Ohio, but their roots reach back 190 years to Albany, New York. They are one of the largest bank-based financial companies in the U.S. with assets of around $156 million.

Are lawsuits allowed against KeyBank? 

As with all banks, KeyBank strives to ensure that they use the proper legal language when dealing with clients to prevent lawsuits. However, despite their best efforts to avoid lawsuits, you can still take KeyBank to small claims court, or file a consumer arbitration claim against them.

Binding consumer arbitration is often your best choice. Consumer arbitration is a process laid out to place a lawsuit. You can argue your case in front of an independent arbiter (such as a judge) who can then either fix the problem or force KeyBank to compensate you. Rest assured, FairShake helps make the entire process easy and convenient. 

What is a Class Action Lawsuit? 

A class action lawsuit involves a group of individuals with a single complaint. Typically, the class action lawsuit involves more than 40 individuals Employees of KeyBank can file or join a class action lawsuit if they feel that their employment rights have been violated. In addition, you do not have to be an employee of KeyBank to file a class action lawsuit if you feel that you have a valid case. Anyone who believes that their rights have been wronged by KeyBank can file a lawsuit.

At FairShake, we have completely reinvented and updated the lawsuit process. Yes, KeyBank complaints are common. Many have questions concerning their legal rights with the financial institution. Instead of going after KeyBank with a class action lawsuit, we will file a personalized legal document with the company and then we will work closely with you to guide you through the entire legal process.

4 Recent and Notable Lawsuits Against KeyBank

Potential Class Action Lawsuit for Wrongful Overdraft Fees

A potential class action lawsuit might be filed against KeyBank that alleges they wrongfully charged overdraft fees.

KeyBank customers have claimed that they were charged overdraft fees. In one such claim, they say that KeyBank sequences debit card transactions in such a way to maximize the overdraft fees. It is believed that the bank’s reordering of debit transactions is an unlawful and deceptive trade practice. Furthermore, they also allege that KeyBank debits purchases from debit or check cards, checks written, and ATM transactions before it credits deposits into the county to incur overdraft charges.

Investigation into Deceptive and Unfair Overdraft Debit Card Fees

Keller Rohrback is currently looking at the debit card fees from KeyBank National Association. They believe that the processing transactions cause the accounts of the bank’s customers to overdraft and then they fail to tell them about the overdraft fees. In addition, they fail to disclose overdraft protection. They have also been found to process debits out of chronological order to maximize overdraft fees and deplete the funds in accounts. 

Fair Labor Standards Act Lawsuit 

KeyBank agreed to pay a $3.5 million settlement for the lawsuit that involved the Fair Labor Standards Act (FLSA). The lawsuit alleged that KeyBank intentionally misclassified their client service managers in an effort to avoid paying overtime. The lawsuit, which was filed in the New York federal court, combined complaints from in Main, Washington, and Ohio. Under the terms of the FLSA, employees who work beyond 40 hours per week are entitled to overtime. In addition, they claim that their time was not correctly recorded. Please be aware, this is not the first overtime violation faced by KeyBank. They had a similar lawsuit filed in 2013 and they settled on an overtime pay violation lawsuit because it was far less expensive than taking the case all the way to the courts. 

Bogus Vocational Schools 

In 2008, a group of California students filed a class-action lawsuit against KeyBank claiming that the bank operated bogus vocational schools that left the students deeply in debt via KeyBank Education Resources and Great Lakes Educational Loan Services. They alleged that the goal of KeyBank was to defraud the students by providing loans to the sham vocational schools. It was a classic Ponzi scheme that left the students in debts and with no gained job skills from the ‘schools’’.  The class action lawsuit was filed in Alameda County Court. 

Andrew August of the Pinnacle Law Group of San Francisco represents the students.

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