BofA Withheld Insurance Funds, Homeowners Claim

Law360, New York (April 11, 2013, 6:49 PM EDT) -- A putative class action launched Thursday in Oklahoma federal court accuses Bank of America NA of improperly holding back insurance payments from homeowners who needed them for property repairs.

Cynthia and James Copher and James and Rosamma Richard say the bank violated mortgage agreements requiring it to release proceeds from insurance claims to either allow repairs or reduce outstanding mortgage payments. The plaintiffs say their insurers have written checks for about $20,000 to go toward repairs for significant hail damage, but that Bank of America still...
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