Supreme Court Upholds Ruling Supporting California Consumers in Predatory Lending Class Action Against BofA

predatory bank lending

The U.S. Supreme Court has declined to review a Ninth Circuit ruling reinstating a proposed consumer class action against Bank of America over its allegedly predatory lending activities. As reported by Law 360, the banking giant’s failed attempt to get the ruling reviewed leaves in place a Ninth Circuit panel ruling from earlier this year that reinstated a proposed consumer fraud class action brought against Bank of America NA by lead plaintiff Donald Lusnak, a California homeowner. According to Law 360, the suit “sought to force the North Carolina-based bank to comply with a California law requiring mortgage lenders to pay at least 2 percent interest on borrowers’ escrow accounts.” [Read more…]

Court Approves $410 Million Settlement in BofA Overdraft Fees Case

Earlier this week, U.S. District Court Judge James Lawrence King has granted final approval to a $410 million settlement in the multi-district litigation against Bank of America for collecting excessive overdraft fees. The complaint charged that Bank of America processed debit card transactions in order of highest to lowest dollar amount to maximize the number of overdraft fees assessed to its customers. [Read more…]