BofA Gets Approval For Impound Account Class Settlement

Law360, Los Angeles (April 28, 2014, 3:46 PM EDT) -- A federal judge on Friday granted final approval to a settlement resolving a suit by a class of California homeowners challenging Bank of America Corp.'s now-revoked policy of establishing impound accounts that allowed the bank to pay the borrowers' property taxes and homeowner's insurance without their consent.

U.S. District Judge Dana M. Sabraw signed a final judgment and order approving the class action settlement, four months after granting preliminary approval to the deal. The settlement gives class members the option of closing the allegedly improper impound accounts, as well as the opportunity to pay off negative impound account balances over time...

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