BofA Pays $20M To Settle Credit Plan Marketing MDL
By Linda Chiem
Law360, New York (July 13, 2012, 6:11 PM ET) -- Bank of America Corp. on Thursday agreed to pay $20 million to settle multidistrict litigation in California federal court alleging it deceptively enrolled consumers in a credit protection plan for which they had to pay monthly fees without their consent, and without providing meaningful benefits.
Under the proposed settlement, BofA and its subsidiary FIA Card Services NA will put the $20 million in a fund to pay consumers who have been enrolled in the credit protection plan since Jan. 1, 2006. They agreed to lift the...