BofA To Restore $100M In Home Equity To End Class Action

Law360, Los Angeles (October 18, 2013, 4:37 PM EDT) -- A class of homeowners that accused Bank of America Corp. of unfairly reducing the value of their homes asked a California federal judge on Thursday to approve a settlement in which the bank will restore at least $100 million of home equity to the borrowers.

Homeowner Bryan Vess led a class of some 400,000 homeowners who had accused the bank of using an automated system to assess the value of their homes, according to the motion. The class said its home equity lines of credit were...
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