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  • Bank of America Faces Fraud Class Action over Flood Insurance
    Charlotte, NC: A consumer fraud class action lawsuit has been filed against Bank of America for allegedly misrepresenting that flood insurance was required for borrowers' housing cooperative units. Filed by plaintiffs Pamela and Mark Lemmer, the lawsuit alleges that Bank of America force-placed flood insurance coverage on the Lemmers' cooperative...
  • Bank of America Settles Merrill Lynch Class Action for $150 Million
    A class-action lawsuit brought against the former Merrill Lynch & Co., which was purchased by Bank of America early in 2009, will reportedly be settled for $150 million. Bank of America has agreed to pay the settlement to end the suit, which was brought by 2 Louisiana pension funds. The suit alleged that Merrill Lynch provided false and deliberately mis...
  • Bank of America Workers Sue for Overtime
    Bank of America Corp workers have filed a lawsuit claiming the company failed to pay overtime and other wages. The suit seeks nationwide class-action status on behalf of employees at Bank of America retail branches and call centers over the past three years. The lawsuit, which was filed June 4, 2010, alleges the bank violated overtime laws in Californi...
  • Bank of America to Settle Excessive Fees Class Action for $66.6 Million
    Nov-10-17 Los Angeles, CA: Yet another major bank has bowed to litigants enraged over excessive bank overdraft fees , following the announcement of a settlement worth $66.6 million. The bank overdraft fees settlement, designed to end a lawsuit against Bank of America, still requires court approval. According to Reuters (11/02/17) plaintiffs asserted that some...
  • Bank of America Takes a Hit in Mortgage Lawsuit
    Jan-5-11 Auburn, NY Bank of America recently lost a major ruling in its mortgage lawsuit that will make it more difficult for the bank to defend itself, the Washington Post reports. Initially, Bank of America had attempted to require that files for each of the 368,000 disputed loans be evaluated individually by the plaintiff, MBIA Insurance. That process wou...
  • Bank of America to Acquire Merrill Lynch
    Brokerage House Rescued Bank of America announced Monday morning that it would buy the ailing Merrill Lynch, in an all stock transaction worth approximately $50 billion. The purchase will make Bank of America a direct rival of Citigroup Inc., in terms of size of assets. Under the terms of the deal, Merrill Lynch shares are valued at $29 per share,...
  • Bank of America Sued For Overtime
    Jun-7-10 Washington, DC An overtime lawsuit has been filed against Bank of America, alleging the bank failed to pay overtime to employees. The lawsuit, filed June 4, 2010, alleges the bank violated overtime laws in California, Florida, Washington, Kansas and Texas. Hourly workers, including current and former bank tellers, alleged Bank of America did not pay o...
  • Bank of Hawaii Excessive Overdraft Fees
    Santa Clara, CA: In 2016, Bank of Hawaii was accused of unfairly assessing overdraft fees in an excessive overdraft fees class action lawsuit. The complaint, Smith v. Bank of Hawaii , Case No. 1:16-cv-00513, in the U.S. District Court for the District of Hawaii, alleged that the Bank of Hawaii charged overdraft fees on accounts that had enough f...
  • Plaintiff Settles with Bank of America Corp. NA at the Eleventh Hour
    Feb-16-18 Los Angeles, CA: A California labor lawsuit alleging wrongful dismissal and defamation was quietly settled earlier this week at the 11th hour after a jury had awarded damages to the plaintiff, but had yet to settle on punitive damages. While having awarded punitive damages in the case on Tuesday February 13, 2018, the jury recessed for the day with...
  • Bank of America Corp. Analyst Report and Research Fraud Settlement
    Charlotte, NC: (Mar-14-07) A lawsuit filed by the Securities and Exchange Commission against Bank of America Corp.'s securities unit, accused it of failing to safeguard forthcoming analyst reports and issuing fraudulent research. Investigations showed that Bank of America Securities' internal controls worked improperly and that sales people and traders wou...
  • Bank of America Faces Securities Fraud Lawsuit
    Aug-11-13 Charlotte, NC Bank of America faces a securities fraud lawsuit, alleging the company misled investors regarding the risks of mortgage-backed securities. The securities lawsuit was filed by the Justice Department and also names Merrill Lynch and other defendants. In addition to the lawsuit filed by the Justice Department, the Securities and Exchange Com...
  • US Bank Agrees $55M Overdraft Fees Class Action Settlement
    Coral Gables, Fl: U.S. Bank has agreed to pay $55 million to settle class action lawsuits that accused the bank of improperly manipulating its customers' debit card transactions in order to generate excess overdraft fee revenues. The lawsuits, part of multidistrict litigation involving more than 30 different banks entitled In re Checking Account Overdr...
  • Wills, Trusts, and Estates: "We thought we had all the bases covered"
    Dec-17-07 Okmulgee, OK When you're planning and establishing a trust for your estate, look for a trustee who knows the difference between your interests and their own and who will work for you. Large financial institutions such as the Bank of America certainly know that difference, but as Lorene Grant discovered, they also know how to make your trust and estate wo...
  • Bank of America 401(k) Plan Investigation
    In January, 2008, Bank of America Corporation ("Bank of America" or the "Company") (NYSE: BAC) has announced that it had writedowns of $5.28 billion to reflect collateralized debt obligations ("CDO's"). As a result, the value of Bank of America stock owned through the Bank of America 401(k) Plans (the "Plans"), has fallen dramatically. Bank of America...
  • BoFA Settles with CountryWide Investors
    New York, NY: Bank of America has reached a settlement with former Countrywide Financial Corp institutional investors who decided not to join a $624 million class-action case that won court approval in February. The terms of the accord were not disclosed and Countrywide's former auditor KPMG was not part of the pact, according to the filing. ...
  • Tampa Bay Couple Awarded $1 Million in Debt Collector Harassment Lawsuit
    Jan-20-15 Tampa, FL A couple in Tampa Bay who were harassed by the Bank of America over mortgage payments have won a $1 million default judgment in a debt collector lawsuit . It is not known if Bank of America will appeal. The case, however, speaks volumes about what lengths debt collectors will go to collect from, and ultimately harass, a debtor. Regardless of...
  • Goldman Sachs Reaches $56.5M Settlement in ISDAfix Antitrust Suit
    Santa Clara, CA: A $56.5 million agreement has been reached potentially enabling Goldman Sachs to exit an antitrust class action in which it is accused of participating in price-fixing the ISDAfix benchmark rate, along with several other banks. The rate is used to set terms for interest rate derivative products. The total settlement amount agreed...
  • $600M Countrywide Securities Settlement Approved
    Los Angeles, CA: A federal judge has approved a $601.5 million settlement of a class-action suit against Countrywide Financial Corp. The settlement is reportedly one of the largest class-action settlements stemming from the subprime mortgage crisis. Filed in 2007, the suit alleged that Countrywide, now part of Bank of America Corp., misled investor...
  • Bank of America Securities Lawsuit to Proceed
    Jul-14-12 Pittsburgh, PA Shareholders who filed a securities fraud lawsuit against Bank of America have been given the okay to pursue their securities fraud litigation against the financial firm. The securities lawsuit, filed by a variety of shareholders, including the Pennsylvania Public School Employees' retirement system, alleges Bank of America misled invest...
  • Homeowners and Regulators Take Action against Force-Placed Insurance Companies
    Apr-26-14 Miami, FL Following increased media coverage regarding force-placed insurance and recent force-placed insurance lawsuits and settlements, regulators in Florida have taken action to protect homeowners in the state from allegedly predatory practices. Two companies that offer force-placed insurance, also called lender-placed insurance, will have to comply...
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