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Breaking: Five US banks being sued by Attorney General

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December 1st, 2011 - A lawsuit has been brought against five major American banks today. Attorney General Martha Coakley of Massachusetts filed the legal action today in Suffolk Superior Court. The defendants include Citigroup, Bank of America, JPMorgan Chase, GMAC, and Wells Fargo.

“Our suit alleges that the banks have charted a destructive path by cutting corners and rushing to foreclose on homeowners without following the rule of law,’’Coakley said. “Our action today seeks real accountability for the banks’ illegal behavior and real relief for homeowners.”

Ms. Coakley further commented on the banks' relinquished accountability for their roles in the nation's foreclosure crisis, as well as over one year of stagnation in developing meaningful restitution.

“They have had more than a year to show they understood their role and their need to show accountability for this economic mess and they failed to do so,’’ she said. “Whether through the courts or negotiations, we will accept only one result, obtaining accountability from these banks and getting real relief for homeowners.”

All banks involved in this lawsuit have denied any case of wrong doing.

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