Comerica Incorporated Class Action Lawsuit - CMA

24 days left to seek lead plaintiff status

Case Summary

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The Comerica class action lawsuit seeks to represent purchasers or acquirers of publicly traded Comerica Incorporated (NYSE: CMA) securities between February 9, 2021 and May 29, 2023, inclusive (the “Class Period”).  Captioned Ramos v. Comerica Incorporated, No. 23-cv-06843 (C.D. Cal.), the Comerica class action lawsuit charges Comerica and certain of its top executive officers with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Comerica class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Comerica class action lawsuit must be filed with the court no later than October 20, 2023.

CASE ALLEGATIONS: Comerica is a financial services company and the issuing bank for the U.S. Department of the Treasury’s Direct Express program, which issues electronic payments (such as Social Security of veterans’ benefits) to individuals who do not have bank accounts.  As part of the Direct Express program, Comerica must adhere to Regulation E, which “provides a basic framework that establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems such as automated teller machine transfers, telephone bill-payment services, point-of-sale (POS) terminal transfers in stores, and preauthorized transfers from or to a consumer’s account (such as direct deposit and social security payments).”

The Comerica class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Comerica failed to provide meaningful oversight over the vendors to whom it contracted out day-to-day operations of the Direct Express program, a system through which Comerica is contracted to provide federal benefits on debit cards to millions of Americans without bank accounts; (ii) as a result of violations in the day-to-day operations of Direct Express, including handling fraud disputes and allowing sensitive data to be handled out of a vendor’s office in Pakistan, Comerica was not in compliance with its federal contract, and knew it was not in compliance; and (iii) Comerica knew and failed to disclose that it was in potential violation of Regulation E due to inadequate fraud prevention in the Direct Express program and responses to instances of fraud.

On May 29, 2023, American Banker released an article titled “Comerica in ‘serious violation’ of Treasury’s Direct Express program.”  The article discussed significant issues with i2c Inc. and Conduent Inc., two vendors to whom Comerica contracts out the day-to-day operations of Direct Express, including handling cardholder information through an office in Lahore, Pakistan, lack of oversight, and failures to communicate with beneficiaries.  The article further detailed Comerica’s alleged violations of Regulation E.  On this news, the price of Comerica stock declined more than 7% over two trading sessions, damaging investors. 

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired publicly traded Comerica securities during the Class Period to seek appointment as lead plaintiff of the Comerica class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Comerica class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Comerica class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Comerica class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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