The US Consumer Financial Protection Bureau has dismissed its lawsuit against Early Warning Services, the operator of the Zelle digital payments network, and three of its owner banks, Bank of America (BAC), JPMorgan Chase (JPM), and Wells Fargo (WFC), according to a court filing.
The agency had sued the parties in December, alleging they rushed the network to market to compete with payment apps such as Venmo and CashApp without implementing effective consumer safeguards.
The CFPB claimed that customers of the three banks lost more than $870 million over Zelle's seven-year existence due to these failures. The lawsuit also accused the banks of failing to properly investigate fraud complaints or provide legally required reimbursement.
According to a court filing on Tuesday, the CFPB voluntarily dismissed the lawsuit with prejudice.
Shares of Bank of America were down 5.7%, JPMorgan Chase declined 3.6%, and Wells Fargo dropped 4.3% in recent trading.
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