Watch Out, Wal-Mart: Schneiderman Is on the Prowl
New York Attorney General Eric Schneiderman is on the prowl again. Schneiderman is responsible for a number of lawsuits against the likes of JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC), and HSBC (NYSE:HBC). Overall, he’s pretty much been the go-to guy in the fight against corporate abuse of the little guy in the wake of the financial crisis.
Now, he’s turning his attention to a tangent of the financial industry he loves to hound: payroll. Or, more specifically, the use of payroll cards issued by major financial institutions and used by large employers like Wal-Mart Stores (NYSE:WMT), Home Depot (NYSE:HD), and McDonald’s (NYSE:MCD). Schneiderman has reportedly sent letters to 20 employers seeking additional information regarding practices relating to the issue and use of payroll cards.