BofA's $42M Military Member Fee Settlement Wins Initial OK

Law360, New York (September 13, 2017, 10:41 PM EDT) -- A North Carolina federal court gave preliminary approval Wednesday to a $41.9 million settlement between Bank of America Corporation and more than 125,000 military members who alleged the bank charged them illegally high interest rates in violation of the Servicemembers Civil Relief Act.

U.S. District Judge Terrence Boyle greenlit the payout for a class military members who, after Sept. 11, 2001, should have received additional interest rate benefits.

Under the agreement, Bank of America, which has not admitted any wrongdoing, would refrain for a five-year period from using a method for calculating interest subsidy that the service members contend could lead...

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