Compass Point on Banks: Private Label Lawsuit Filed...See Continued Issue (C, GS, UBS, BAC, WFC, JPM, STI, HRB, FHN)

Compass Point on Banks: Private Label Lawsuit Filed...See Continued Issue

Analyst, Kevin Barker, said, "Bloomberg published an article last night discussing yet another private label reps/warrants lawsuit that was filed against CitiGroup (NYSE: C)(NotCovered), Goldman Sachs (NYSE: GS)(NC) and UBS (NYSE: UBS)(NC). We continue to see new private label lawsuits pop up practically every week and believe they will continue to be a big deal for some financial institutions, including Bank of America (NYSE: BAC)(NC), Wells Fargo (NYSE: WFC)(Buy, $41 PT), JP Morgan (NYSE: JPM)(NC), SunTrust (NYSE: STI)(Buy, $29 PT), H&R Block (NYSE: HRB)(Buy, $18.50 PT), and First Horizon (NYSE: FHN)(Neutral, $8 PT).

As far as Barker is concerned, the lawsuits (which are filed as alleged fraud, versus more typical breach of contract suit) are a lot easier to file, but are much harder to win.

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