Bank of America Dodges $1.6B Bullet

Law360, New York (November 21, 2006, 12:00 AM EST) -- Attorneys for more than a million class members are vowing to appeal after a state appeals court reversed a verdict that would have cost Bank of America more than $1.6 billion in damages and interest.

The California Court of Appeal for the First Appellate District ruled the lower court erred when it awarded plaintiffs, who claimed that Bank of America improperly appropriated their Social Security benefits to cover fees, almost $300 million in damages and restitution.

The lower court also found that each member of the...
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