Vought-led CFPB drops Zelle fraud lawsuit against banking giants

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The operator of the payment network Zelle and the three companies that are primarily involved in the service saw the Consumer Financial Protection Bureau drop their fraud lawsuit against them on Tuesday.

Early Warning Services, the owner of Zelle, JPMorgan Chase, Bank of America, and Wells Fargo were sued by former President Joe Biden’s CFPB for allegedly failing to properly investigate fraud complaints or give victims their proper reimbursement.

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