The Block Firm has achieved an important consumer protection victory for bank customers who are vulnerable to financial scams. Our case was brought on behalf of an elderly widow who fell victim to an online scam. At the scammers’ instructions, she drained her life savings—withdrawing tens of thousands of dollars a day and wiring it overseas. Ultimately, she lost hundreds of thousands of dollars. All of this took place at her local branch of Navy Federal Credit Union, which turned a blind eye to dozens of obviously suspect transactions. This happened against the backdrop of billions in annual losses due to elder financial exploitation, which banking regulators have been urging banks to do more to police.
We filed suit against Navy Federal Credit Union, and defeated Navy’s attempt to have the case thrown out of court. We believe our case is the first in which a court ruled that consumer protection laws protect bank customers when banks disregard red flags and facilitate financial scams.
If you or a loved one have been the victim of unfair business practices, contact us—we can help.
