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News and Investigations

We're actively investigating new cases on behalf of consumers, employees, and shareholders. If you've purchased any of these consumer products or own stock in any of these companies, please contact us to discuss your legal rights.

 

Major U.S. Banks Using the Zelle Payment System Under Investigation for Refusing to Cover Fraud Claims

Schubert Jonckheer & Kolbe LLP is investigating the fraud reimbursement practices of major U.S. banks using the Zelle peer-to-peer payment system, including Bank of America, Capital One, JPMorgan Chase, PNC, Truist, U.S. Bank, and Wells Fargo. 

Despite Federal laws requiring the reimbursement of unauthorized electronic fund transfers, several major U.S. banks have refused to cover some customers’ fraud claims related to scams taking place on the Zelle payment system, which is owned and operated by the consortium of banks listed above. These practices have led consumers to file multiple class action lawsuits in several U.S. jurisdictions, including Federal courts in California, Washington, and Florida. One industry analyst recently told The New York Times that “organized crime is rampant” and that scams and fraud on peer-to-peer payment systems, including Zelle, are “common and everywhere.”

If you have been a victim of fraud on the Zelle payment system and your bank has refused to reimburse you, please complete the form below for a free legal consultation.