Customers Hit BofA With Suit Over CD Interest Rates

Law360, New York (September 23, 2009, 8:05 PM EDT) -- Customers of Bank of America NA have launched a putative class action alleging the bank misled preferred bank members in 28 states into renewing matured certificates of deposit with interest rates “well below” market rates or rates the members had previously earned.

The Massachusetts bank customers filed an amended complaint in the U.S. District Court for the District of Massachusetts on Tuesday asserting that Bank of America violated the unfair and deceptive trade practice and unjust enrichment laws of multiple states when it allegedly advertised that...
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