9th Circ. Affirms BofA Win Over Unfair Mortgage Rate Claim

Law360, New York (January 9, 2013, 5:10 PM EST) -- The Ninth Circuit on Wednesday affirmed a lower court’s 2010 ruling tossing unfair competition claims in a proposed class action against Bank of America NA for allegedly not clearly disclosing that a teaser rate on option adjustable rate home mortgages would quickly expire.

A three-judge panel found that U.S. Judge Ronald M. Whyte of California was correct to dismiss the plaintiffs’ unfair competition claims that relied on Bank of America’s alleged violation of the Federal Trade Commission Act, which targets unfair or deceptive commercial practices, saying...
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