Court Approves $42 Million Settlement Against Bank of America for Fraud against Military Customers
Raleigh, N.C. – A $42 million settlement bringing aid to thousands of military customers who were defrauded by Bank of America was preliminarily approved in an order issued on Sept. 13, 2017 by Judge Terrence W. Boyle of the U.S. District Court for the Eastern District of North Carolina.
The settlement comes after litigation challenging Bank of America's practices whereby military customers were being charged excessive interest on their interest-bearing obligations, including mortgage and credit card accounts, for several years.
The lawsuit, originally filed June 1, 2015, alleges that Bank of America violated the Servicemembers Civil Relief Act, the Truth in Lending Act and North Carolina's Unfair and Deceptive Trade Practices Act. The suit also accused Bank of America of violating common law, including breach of contract, negligence and negligent misrepresentation.
Payments will be issued pending final approval of the settlement by the court. The filed complaints in the lawsuit can be viewed at www.BankofAmericaMilitarySettlement.com. Once finally approved, tens of thousands of U.S. soldiers and sailors will receive direct payments to compensate them for damages.
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