A law that requires banks to report suspicious activities has turned into a legal headache for the banking industry, which has been hit with lawsuits and hefty fines in recent years over its reporting practices. On the litigation front, a South Dakota woman's suit claims that a bank intentionally gave authorities false information to get her in trouble. The suit faces a unique challenge: convincing a court that banks should not automatically be immune from lawsuits over what they report to authorities.
June 08, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A law that requires banks to report suspicious activities to authorities has turned into a legal headache for the banking industry, which has been hit with lawsuits and hefty fines in recent years over its reporting practices.
Most recently, BankAtlantic BanCorp Inc. in Florida was hit with a $10 million fine last for failing to report suspicious activity properly — one of several banks to pay multimillion-dollar fines in the last year.
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