Federal Courts dismiss 91 percent of claims against banks.
The report below was prepared by the Federal Judicial Center (FJC), a federal government agency. The FJC studied the effect of a decision called Ashcroft v. Iqbal on federal judges. At page 14 of the report, the FJC determined that federal courts in 2010 dismissed an astonishing 91.9 percent of plaintiff’s “financial instrument” claims “for failure to state a claim.” This is nearly double the rate (47 percent) from 2006. This means that 92 percent of plaintiff’s claims against banks never see the light of day. This is AFTER the October 2008 bailouts which resulted in the printing of $16 trillion dollars and the satisfaction of many of these financial instruments. This admission of the federal judiciary itself is a travesty. How many people have been victimized by a judge who believes that Iqbal somehow “empowered” them to deny litigant’s due process?