BofA Pays $20M To Settle Credit Plan Marketing MDL

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...
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Case Information

Case Title

Arevalo et al v. Bank of America Corporation et al


Case Number

3:11-md-02269

Court

California Northern

Nature of Suit

Fraud or Truth-In-Lending

Judge

Thelton E. Henderson

Date Filed

September 14, 2011

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