Bank of America
BofA Reaches $772M Pact With Feds for Card Add-ons
April 21, 2014
It’s a big bill for Bank of America. Last week, the Consumer Financial Protection Bureau announced it came to a $772 million deal with the bank to settle allegations it deceptively marketed products and illegally billed customers, according to Michael Lacy and Scott Kelly of Troutman Sanders. They report the bank is set to refund $727 million to its customers and pay fines totaling $45 million to the CFPB and the Comptroller of the Currency. Read more: http://www.corpcounsel.com/id=1202651005792/BofA-Reaches-%24772M-Pact-With-Feds-for-Card-Add-ons#ixzz2ytTZp700
April 21, 2014
It’s a big bill for Bank of America. Last week, the Consumer Financial Protection Bureau announced it came to a $772 million deal with the bank to settle allegations it deceptively marketed products and illegally billed customers, according to Michael Lacy and Scott Kelly of Troutman Sanders. They report the bank is set to refund $727 million to its customers and pay fines totaling $45 million to the CFPB and the Comptroller of the Currency. Read more: http://www.corpcounsel.com/id=1202651005792/BofA-Reaches-%24772M-Pact-With-Feds-for-Card-Add-ons#ixzz2ytTZp700
D.C. Avoids Arbitration in $117 Million Lawsuit Against Bank of America
December 10, 2013
The District of Columbia can move forward with a $117 million lawsuit against Bank of America N.A. in connection with an embezzlement scheme carried out by a former city employee, the D.C. Court of Appeals ruled last week. Harriette Walters, a former manager in the city's tax office, is serving more than 17 years in jail after pleading guilty to issuing $48 million in fraudulent property tax refunds. The District sued Bank of America in 2008, accusing it of failing to take steps to protect the city's...
December 10, 2013
The District of Columbia can move forward with a $117 million lawsuit against Bank of America N.A. in connection with an embezzlement scheme carried out by a former city employee, the D.C. Court of Appeals ruled last week. Harriette Walters, a former manager in the city's tax office, is serving more than 17 years in jail after pleading guilty to issuing $48 million in fraudulent property tax refunds. The District sued Bank of America in 2008, accusing it of failing to take steps to protect the city's...
Banks Reach Settlements on Mortgages
January 7, 2013
Bank of America is continuing a large-scale retreat from its costly expansion into the home mortgage market, a shift that concentrates more power in the hands of its biggest rivals and leaves fewer options for some home buyers. The bank, which already has sharply scaled back in making mortgages, on Monday sold off about 20 percent of its loan servicing business as part of its agreement to pay the housing finance giant Fannie Mae more than $11 billion to settle a bitter dispute over bad mortgages. The...
January 7, 2013
Bank of America is continuing a large-scale retreat from its costly expansion into the home mortgage market, a shift that concentrates more power in the hands of its biggest rivals and leaves fewer options for some home buyers. The bank, which already has sharply scaled back in making mortgages, on Monday sold off about 20 percent of its loan servicing business as part of its agreement to pay the housing finance giant Fannie Mae more than $11 billion to settle a bitter dispute over bad mortgages. The...
