Comerica Incorporated Subject to Investigation: Johnson Fistel Seeks Remedies for Investors After the Stock Drop (CMA)
Johnson Fistel, LLP, a shareholder rights law firm, is investigating Comerica Incorporated (“Comerica” or “the Company”) (NYSE: CMA) to determine whether investors who suffered significant losses on their investment may be able to recover their losses under federal securities laws.
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On May 30, 2023, American Banker issued an article titled “Comerica in ‘serious violation’ of Treasury’s Direct Express program”. The article states “Comerica Bank officials privately acknowledged significant compliance failures in their operation of a Treasury Department program that provides federal benefits on prepaid cards to millions of unbanked Americans.”
The article further states that Comerica executive said the bank faced “serious contract violation” for allowing fraud disputes and data on Direct Express cardholders to be handled out of a vendor’s office in Lahore, Pakistan, the documents show.
Personally identifiable information on veterans, Social Security and disability recipients were routinely shared and handled by i2c Inc., a vendor based in Redwood City, Calif., with an office in Lahore, Pakistan — in violation of the government contract, the Comerica executive said. The Treasury’s agreement with the bank states that all services provided “shall be performed in the United States or its territories.”
Our firm works on a contingency fee basis which means there will be no cost to you. Contact Jim Baker at email@example.com or (619) 814-4471.
If you have relevant nonpublic information about the company, consider assisting the investigation or taking advantage of the SEC Whistleblower program. Whistleblowers who provide original information under the SEC program may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or firstname.lastname@example.org.
Johnson Fistel, LLP
Jim Baker, Lead Securities Analyst
Telephone: (619) 814-4471