Evidence of Bank Fraud and Unfair Trade Practices Enough, Judge Rules
Grand Rapids, MI (PRWEB) January 11, 2010 -- A Common Pleas Court Judge ruled that there is enough evidence that First Commonwealth Bank committed fraud and unfair trade practices to allow a Class Action case to move forward (No. G.D. 09-000797 in the Court of Common Pleas of Allegheny County, Pennsylvania). Frank Salpietro, a partner with the Law Firm of Rothman Gordon P.C. (http://www.primerus.com/firms/Rothman_Gordon.htm) in Pittsburgh, PA will represent the customers.
Judge R. Stanton Wettick, Jr. rejected attempts by First Commonwealth to dismiss the lawsuit, which were filed earlier this year on behalf of more than 300 First Commonwealth Bank customers. According to allegations in the complaint, these 300 customers were defrauded into believing that, if they opened a particular IRA account back in the 1980s, the accounts would carry a minimum 8% interest rate until retirement. Instead, the Bank now takes the position that the promise was only good for 90 days. It thus attempted to close down those accounts in late 2008, which prompted the lawsuit.
“We have received sworn affidavits from dozens of First Commonwealth customers that the Bank, from top executives on down, misled those customers into investing their hard-earned money over the course of more than 20 years under the promise that their retirement nest-egg would grow at a steady rate without worrying about market fluctuations,” Salpietro explains. “Instead, in 2008 the Bank suddenly announced that what the customers were told earlier was untrue, and that the Bank’s IRA contracts allowed it to close down the accounts at any time. That’s unfair, deceptive, and fraudulent.”
According to the papers filed, in 1998 First Commonwealth Bank, which was then named National Bank of the Commonwealth, sent each of its IRA customers a letter stating that the 8% guaranteed rate “will continue going forward on deposits presently in the account and on annual additions.” The Bank argued to the court that this letter was meaningless, but the Judge disagreed, stating that it would be up to a jury to decide what the letter means.
According to Salpietro, the next step is for the Bank’s executives and employees to be questioned under oath about the case. Any customers who believe they are affected by the Bank’s actions are urged to call Attorney Salpietro or the Law Firm of Rothman Gordon at 412.338.1185.
Frank Salpietro, and the Law Firm of Rothman Gordon P.C., is a member of the International Society of Primerus Law Firms (Primerus). Primerus (http://www.primerus.com/about.htm) is the leading alliance of small and medium sized, top-rated, independent firms. With approximately 140 law firms located in the U.S., Canada, and the U.K., Primerus firms provide clients with responsive, high quality, partner-level service for much less than what large law firms charge. All Primerus law firms are: AV- rated using the Martindale-Hubbell peer review service; screened for excellence; audited annually for continued quality; and committed to excellence in six key areas; integrity, reasonable fees, continuing education, civility, community service and excellent work product (http://www.primerus.com/six_pillars.htm).
“We are proud of the attorneys within Primerus,” says John C. Buchanan, President of Primerus (http://www.primerus.com/presidents_message.htm). “The attorneys at The Law Firm of Rothman Gordon P.C. have passed our rigorous screening process and distinguished themselves as delivering legal services at the highest standards. Clients can be assured that they will find trustworthy, experienced lawyers who uphold the highest standards of our profession.”
Visit www.primerus.com to find a Primerus firm near you or contact Erica M. Kusmierz, Member Services, at ekusmierz (at) primerus (dot) com or (800) 968-2211.
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