BofA Off Hook For 'Deceptive' CD Interest Rate Claims

Law360, New York (August 12, 2010, 2:00 PM EDT) -- A federal judge has tossed a putative class action alleging Bank of America NA deceptively told its customers to renew certificates of deposit at the then-prevailing interest rate, which was lower than the rates they claimed they could have received from other offers the company made.

The plaintiffs’ claims are not preempted, but Bank of America has not engaged in any wrongdoing, Judge Nancy Gertner said in the U.S. District Court for the District of Massachusetts on Tuesday.

The plaintiffs have failed to allege facts that...
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