A resident of South Florida has initiated a legal battle against a major banking institution, alleging that her matured certificate of deposit (CD) was unlawfully transferred into a new low-interest account. The lawsuit, filed in November 2023, accuses the bank of violating its deposit agreement and seeks class action certification. Tunny Solomon, from Miami Beach, opened a 14-month CD with $50,000 in October 2018 at what was then New York Community Bank. After the CD's maturity, instead of transferring the funds to an interest-bearing savings account as agreed, the bank allegedly rolled over the funds into a new CD with an extremely low interest rate of 0.02% without obtaining her consent. This unauthorized action has led to significant financial losses for Solomon.
Details of the Alleged Unauthorized CD Transfer
In the golden autumn of 2018, Tunny Solomon, a resident of Miami Beach, deposited $50,000 into a 14-month CD at a New York Community Bank branch in Dade County, Florida. The CD carried an interest rate of 2.65%. Upon maturity on December 25, 2019, according to the terms of the agreement, the funds were supposed to be moved into an interest-bearing savings account if not renewed. However, unbeknownst to Solomon, the bank, which had rebranded as Flagstar Bank by late 2022, transferred the money into a new CD with a minuscule interest rate of 0.02%, bearing the same account number as the original CD.
Seth Lehrman, Solomon’s attorney from Lehrman Law in Boca Raton, emphasized that this transfer occurred without Solomon’s knowledge or consent, and she did not receive quarterly statements informing her of these changes. The complaint alleges breach of contract, breach of good faith and fair dealing, and unjust enrichment. As a result, Solomon lost out on substantial interest earnings and potential benefits from using those funds elsewhere.
The lawsuit, filed in the Southern District of Florida, claims that Solomon suffered financial losses exceeding thousands of dollars due to the bank’s deceptive practices. Lehrman is seeking additional plaintiffs who may have experienced similar issues with Flagstar Bank or its predecessors, particularly New York Community Bank. He believes this practice was systemic and affected many other customers.
Flagstar Bank, now part of Flagstar Financial based in Hicksville, New York, has not responded to requests for comment. The bank, focused primarily on residential real estate lending in New York City, reported total assets of $100.2 billion by the end of 2024. In the fourth quarter of 2024, its CD balance increased by 27% to $27.3 billion compared to the previous year. Despite facing challenges, including a $252 million loss from commercial real estate exposure in early 2023, Flagstar received a capital injection of $1.05 billion from Liberty Strategic Capital in March 2024.
Lehrman expressed interest in speaking with any consumers who have had similar experiences with Flagstar Bank or other banks, aiming to uncover more instances of such practices.
This case highlights the importance of transparency and adherence to contractual agreements in financial institutions. It serves as a reminder for consumers to carefully monitor their accounts and seek legal advice if they suspect any unauthorized activities. For banks, it underscores the need for clear communication and respect for customer rights to maintain trust and integrity.
Caitlin Clark, a former standout player for the Iowa Hawkeyes, has revolutionized women's basketball over the past few years. Her exceptional performance on the court has not only attracted numerous fans but also significantly boosted revenues for both collegiate and professional organizations. During her rookie season with the WNBA’s Indiana Fever, average attendance surged to over 17,000 fans per home game, marking a substantial increase from the previous year. At the University of Iowa, Clark led the team to unprecedented success, including reaching the NCAA Tournament finals twice. The university's fiscal report for 2024 revealed that women's basketball revenue surpassed that of the men's team for the first time. Key highlights include record-breaking ticket sales and a landmark outdoor exhibition game at Kinnick Field that drew 55,646 spectators.
Clark's presence in the WNBA had an immediate and profound effect on the Indiana Fever. In her inaugural season, the team experienced a dramatic rise in fan attendance, averaging over 17,000 spectators per home game—a remarkable increase compared to the mere 4,066 fans per game the previous year. This surge in interest translated into significant financial gains for the franchise. The Fever's success underscores the immense appeal and marketability of women's basketball when headlined by a star like Clark.
The impact of Clark's stardom was equally transformative at the University of Iowa. As a Hawkeye, she propelled the women's basketball program to new heights, culminating in back-to-back appearances in the NCAA Tournament finals. These achievements were not just symbolic; they translated into tangible economic benefits. Ticket sales skyrocketed during her tenure, increasing by more than 400% over two years. By her senior year, the women's team generated over $3 million in ticket revenue, far exceeding the men's team, which saw a decline in its own ticket sales. The university's investment in additional security and staff to accommodate the heightened interest further demonstrated the magnitude of Clark's influence.
In October 2024, the women's basketball outdoor exhibition game against DePaul at Kinnick Field set a national record with 55,646 attendees. While a portion of the proceeds was donated to the University of Iowa Hospitals and Clinics, the event still generated substantial profits for the university. This milestone highlighted the growing popularity of women's basketball and solidified Iowa as a leading program in the sport. Even without Clark, the interest in the team remained robust, with general public seating for the 2024-25 season selling out well in advance.
The financial and cultural impact of Caitlin Clark on women's basketball is undeniable. Her ability to draw crowds and generate revenue has reshaped the landscape of the sport. Despite the increased operational costs associated with accommodating larger audiences, the benefits far outweigh the expenses. Clark's legacy extends beyond her playing career, leaving a lasting imprint on both the collegiate and professional levels. Her contributions have paved the way for future generations of female athletes, proving that women's basketball can achieve unparalleled success and popularity.
In an inspiring display of community spirit, the Humane Society of a prominent region in Colorado has launched a fundraising initiative to assist two severely malnourished stray dogs. These canines, arriving at the shelter within a brief interval of each other, were found in critical condition, suffering from extreme weakness due to starvation and dehydration. The organization is now appealing to the public for financial assistance to cover the urgent medical needs and recovery process of these animals.
The story unfolds in a picturesque region known for its majestic peaks, where two canine companions, one a terrier mix with striking black and white fur, and the other a young lab mix, faced dire circumstances before finding refuge. Upon arrival, veterinary staff noted their alarming state of health, emphasizing the immediate need for intervention. The Humane Society promptly initiated a campaign to gather the necessary resources to provide comprehensive care for the duo, highlighting the importance of community support in such endeavors.
The plight of these animals has touched many hearts, leading to an outpouring of compassion from local residents and beyond. The shelter's spokesperson explained that the funds raised will be crucial in ensuring both dogs receive proper nutrition, hydration, and any required medical treatments. This effort underscores the vital role played by humane societies in rescuing and rehabilitating animals in distress, fostering a safer environment for all creatures.
The response from the community has been overwhelmingly positive, with numerous individuals stepping forward to contribute. As the campaign progresses, it serves as a testament to the collective power of kindness and unity. The journey ahead for these two dogs promises to be long but filled with hope, thanks to the generosity and goodwill of those who believe in giving every creature a second chance at life.