BofA Off Hook For $1.6B Award In Overdraft Fee Case

Law360, New York (June 2, 2009, 12:00 AM EDT) -- The California Supreme Court has upheld an appellate court's ruling that reversed a $1.6 billion damage award against Bank of America Corp. for allegedly misappropriating accounts' Social Security benefit deposits to cover overdraft fees.

The Supreme Court filed its unanimous ruling Monday, affirming a 2007 order by the California Court of Appeal for the First Appellate District that ruled that a lower court had erred when it awarded plaintiffs almost $300 million in damages and restitution.

The trial court had determined in 2004 that, to protect...
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