. >> narrator: the man who brought the suit was new york attorney general eric schneiderman, co-chairof a new state-federal working group that included the department of justice, the sec and others. >> ...complaint for securities fraud against jpmorgan chase as successors to bear stearns and company and emc mortgage corporation. >> narrator: although the case centered on bankers' fraudulent and deceptive practices, no individuals were named. the suit was a civil, not criminal, case. >> smith: and you've alleged in the case of bear stearns that they passed these things on knowingly, intentionally, knowing they were bad? >> yes. we think the facts, as alleged in our complaints, make it very hard to conclude that by 2006 and 2007 the folks at these banks did not know what was going on, and that they were putting more and more bad loans into these securities. >> smith: i guess i still don't understand. if this was so clear and so intentional and so many commissions and hearings brought this forward, why is this taking so long? >> you know, it's... it's hard for me to address the specifics

. >>> coming up, my exclusive interview with eric schneiderman on his planned lawsuit with two of the nation's biggest banks. first legal claim against big banks since the mortgage crisis. up next, the implications of the shocking sexual assault arrest with the man charged with preventing sexual assault in the military. and you'll dump your old duster. swiffer 360 duster extender cleans high and low, with thick all around fibers that attract and lock up to two times more dust than a feather duster. swiffer gives cleaning a whole new meaning. than a feather duster. as soon as you feel it, weigh you down? try miralax. it works differently than other laxatives. it draws water into your colon to unblock your system naturally. don't wait to feel great. miralax. take the miralax pledge to feel better sooner. get a reward like a beauty treatment, a dance class or a $5 gift card with purchase of a specially marked pack. go to miralax.com for details. >>> breaking this evening, lieutenant colonel jeffrey krusinski, the chief of the air force's sexual assault prevention and response program, wa

they decide whether they bring the lawsuit on your behalf which schneiderman wouldn't be in it.as to wait an additional 21 days, bring the case, lastly not to go on and on it has to be in the federal court of the district of columbia. melissa: dennis, when ia: look through his press release and the sob story he came up with, i know there are people out there so frustrated with this process and i definitely feel for them but itk makes me wonder ear little bit when thehe sob storye came up was a family out of work and hiti by hurricane sandy whih is terrible without question but they applied for a loan modification in march, the 30 days went by. they heard sometime toward the end of april that they had to start over again because there was something wrong with their paperwork. >> let's handcuff the bank and throw them in jail over this. that is the best they have got. melissa: yeah! >> did you know that wells fargo set up special mobile operations centers afteri hurricane sandy n new jersey and new york, a couplel areas and had them there for close to 90 days my understanding is.

. >>> coming up, my exclusive interview with eric schneiderman on his planned lawsuit with two of the nation's biggest banks. first legal claim against big banks since the mortgage crisis. up next, the implications of the shocking sexual assault arrest with the man charged with preventing sexual assault in the military. stay with us. to treat my low testosterone, my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and medications. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarged or painful breasts

they don't deserve anything else. >> new york attorney general eric schneiderman, thank you for coming >> thanks, chris. >>> right back with click 3. i don't make any decisions about who to hire without going to angie's list first. you'll find reviews on home repair to healthcare written by people just like you. with angie's list, i know who to call, and i know the results will be fantastic. angie's list -- reviews you can trust. thto fight chronic. osteoarthritis pain. to fight chronic low back pain. to take action. to take the next step. today, you will know you did something for your pain. cymbalta can help. cymbalta is a pain reliever fda-approved to manage chronic musculoskeletal pain. one non-narcotic pill a day, every day, can help reduce this pain. tell your doctor right away if your mood worsens, you have unusual changes in mood or behavior or thoughts of suicide. anti-depressants can increase these in children, teens, and young adults. cymbalta is not for children under 18. people taking maois, linezolid or thioridazine or with uncontrolled glaucoma should not take cymbalta.

. >> in new york today state new york stock exchange eric schneiderman accused two of the nation's largest wells fargo and bank of america of reneging on a deal to help millions of troubled borrowers. >> this enforcement action which is the first taken under the settlement is based on 339 individual complaints from new yorkers against these two banks in just the last six months. >> the charges stem from the $25 billion settlement that came out of so-called robe owe signing foreclosure abuses. it directs the banks to modify loan, forgive mortgage principal and improve significantly the way they treat or service their customers. specifically, the banks must respond to customer applications quickly. j joyce harden says she and her husband have been trying to get help from wells fargo for years. >> i hope they help us and help other people like me who are suffering. >> the lawsuit comes just as mortgage delinquencies are starting to improve dramatically. fewer borrowers are falling behind on their payments for the first time and those already behind is dropping, too, for several reasons. >> fe

attorney eric schneiderman war on wells fargo and bank of america.ak it down what he really means and what is he after. is proxy advisory services recommending that shareholders don't support three of the directors on the board that is all tonight at 5:00 p.m. eastern right here on fox business. huge wars going on there. lori: huge show coming up. a lot of stuff to chew on. i will sit in for liz tonight with david asman to wrap up the markets. i'll see you at 4:00. coming up small business, big ideas. a snowplow attaches to your car whether you have a suv. we have the owner of auto pro, tells tracy byrnes and ashley webster how he plans to take on the $800 million snow blowing market. stay here with us. money has to last longer. i don't want to pour over pie charts all day. i want to travel, and i want the income to do it. ishares incomes etfs. low cost and diversified. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objective

greenberg thing is interesting, and i think this is what these regulators like these guys like eric schneidermanorney general and camilla harris, they don't realize if you force jamie out of this thing, right? remember what happened with greenberg when he got forced -- liz: exactly what he just talked about. >> reporter: blew the company up. liz: blew aig up. >> and who knows how better to run jpmorgan than jamie? watch out if that does happen. i think the stock's going to go down dramatically if that happens. we'll see. you know, i just don't think blackrock, which is the largest shareholder, is going to go that step. now, i know they're saying it's an independent process. i don't believe that. i think larry fink controls it still but, man, it'll be interesting. liz: charlie's on it every step of the way. closing bell ringing in 15 minutes. did you know about this? linkedin has a new policy because of prostituting having resumÉs, they're looking to ban prostitutes from linkedin because thai on it. we have that story next. >>> and earlier in the show we asked you what you would filter out of you

eric schneiderman has taken owe notice.eral's office has started investigating whether owners of fast food employers paid less than minimum wage or did not pay overtime or even falsified payroll records. from fast food strikers in milwaukee to merry pranksters in keene, new hampshire, a group of men and women dubbed the robin hood of keene have been patrolling the city to help people avoid parking tickets feeding meters just ahead of law enforcement. >> we found that people really appreciate it when you save them from a ticket when you fill their meters. >> i know i myself personally have been nothing but positive and have kept a good demeanor with the enforcers. >> these robin hooders are part of an organization called free keane, a group ever libertarian activists performing acts of cheeky civil disobedience. well, the city apparently doesn't take too kindly to it. they're being sued for harassing parking enforcement officers and interfering with their work and must stay five hundred feet away from the law enforcement. a

♪ >>> another story to check out on our website, new york attorney general eric schneiderman is investigating an independent report alleged widespread wage theft at fast food restaurant. he says the findings are troubling and shed light on potentially broad labor violations by the fast food industry. are you still sleeping? just wanted to check and make sure that we were on schedule. the first technology of its kind... mom and dad, i have great news. is now providing answers families need. siemens. answers. and do you know your... blooa or b positive?? have you eaten today? i had some lebanese food for lunch. i love the lebanese. i... i'm not sure. enough of the formalities... lets get started shall we? jimmy how happy are folks who save hundreds of dollars switching to geico? happier than dracula volunteering at a blood drive. we have cookies... get happy. get geico. i want to go from what i think is the at least serious to the most serious and then to the goldilocks one that is just right in the middle. the most serious, by far, to me is the story about the department of justice having secr

eric schneiderman said to reveal action against major u.s. banks.as the dow and s&p hover at record levels. he is no fraidy cat. ♪ [ goodall ] i think the most amazing thing is how like us these chimpanzees are. [ laughing ] [ woman ] can you hear me? and you hear your voice? oh, it's exciting! [ man ] touchdown confirmed. we're safe on mars. [ cheers and applause ] ♪ hi. [ baby fussing ] ♪ we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day afr day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] e pill eachmorning. 24 hours. zero heartbur >> are we ever going to let the banks out of jail? keep coming back for more money and more penalty, we bailed out the banks but now we keep on exactly millions out of them. cheryl: the banks a big story of the "markets now" coming up. wells fargo in the crosshairs and two ladies take you through the news conference live, that would be lori and melissa. melissa: that is right. the

in the letter obtained by reuters eric schneiderman says the banks are quote engaging in much of thesconduct that precipitated the national mortgage settlement. and it's not just new york. the ag says other states have identified similar recurring deficiencies. and how much would you pay for an apple computer? >> i'd pay a lot? >> $1,000? $2,000? >> 6 pund for an ipad? how about $670,000. >> that's a lot. >> that's how much an anonymous bidder paid for a working apple 1. that broke the record last week when another auction house sold a working apple 1 for $640,000. the auction house says there are only six apple 1s in working condition. apple produced 200 apple 1s in 1976. they originally sold for $666.66. that's about $2700 in today's money. the auction house will only say it's a wealthy entrepreneur from the far east. >> i barely even knew there was an apple 1. everyone had the ap tl 2. >> we had the apple 2e and a 2c and i think we have a commodore 64 in my parents' basement. >> i have an atari 600. and it still works. 25 minutes after the hour. technology. >>> coming up this morn

new york attorney general eric schneiderman. here. >> we see these headlines. there's been a lot of conversation about what's happened the past 24 hours given the suit that you are planning to bring. my question is whether you believe these banks, wells fargo, bank of america, and frankly we could add a whole host of banks that may have had problems the last couple of years. but specifically in this instance, do you believe these folks have made mistakes, or they are acting in bad faith and doing this on purpose? >> well, we don't actually have to meet a standard of proving bad faith. they have 304 different standards and deadlines that banks have to comply with. they have a legal obligation to comply. we found, and we have had only had our network of legal services providers and housing counselors up for six months. they were far out in front of every other institution in terms of violations. there is a rule they agreed to within five days of getting an application they have to notify a home owner if there are deficiencies or m

. >> new york attorney general eric schneiderman announcing he intends to sue bank of america and wellsthe $26 billion mortgage servicing settlement that was signed in the beginning of last year. he said in a release today, since october 2012 the attorney general's office has documented 339 violations of standards agreed to by wells fargo and bank of america in last year's settlement. victims of the institution's violationsel speak first hand about their experiences at a press conference today. you'll remember the national mortgaging settlement involved 50 attorneys general as well as the justice department involving so-called robo signing and that was problems having to do with foreclosure documentations. part of the settlement was to improve servicing standards and apparently the new york attorney general said that is not happening. we do know that the banks have done with billions of dollars, $6 billion so far of principal forgiveness and those servicing standards were the crux of this settlement and the aig saying they have not been following the rules. we're, of course, contacting

that last one is the services line and it was by ag schneiderman.interesting part of these meetings, guys, the colorful questions the executives field from shareholders. last year one shareholder asked brian moynihan whether he loved his neighbor as himself and that was relevant in the stock performance. >> in the meantime, those questions is as to whether they can cut the $8 billion out of the bank while trying to increase the revenue. >> exactly right. we're expecting that that's going to be a finished program by the end of 2014. so, of course, the big question, simon, is progress on that program, too. >> okay, kayla, we'll see you throughout the day. kayla tausche on bank of america. let's send it over to josh lipton for market flash. we're watching 3d systems. that stock has been halted, simon with news pending. the stock, of course, has been a rocket ship. it's up about 108% just over the last 12 months. we did find out yesterday 3d systems announced that it would sell shares in the public offering of about 250 million. perhaps we'll get more i