BofA Defeats Maryland Escrow Interest Suit

By Jon Hill (September 23, 2021, 11:00 PM EDT) -- A Baltimore federal judge freed Bank of America from a proposed consumer class action that sought to hold it liable for millions of dollars in escrow interest allegedly owed to Maryland mortgage borrowers, handing the bank a notable win in a case that's paralleled national litigation.

U.S. District Judge Stephanie A. Gallagher granted summary judgment to Bank of America NA Wednesday on all claims in a complaint filed by Cynthia Clark, a former Maryland homeowner who accused the bank of flouting that state's mortgage escrow interest law.

The state law, which requires lenders to pay interest on funds held in mortgage...

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