BofA Customers Win Final OK For $1.8M FCRA Settlement

Law360, San Francisco (August 16, 2018, 5:41 PM EDT) -- A class of Bank of America NA customers won final approval Thursday for their $1.8 million Fair Credit Reporting Act settlement over allegedly unauthorized soft credit report inquiries, with a California federal judge saying that though it offered a small $4 payout per class member, the deal was fair.

Under the settlement, each class member will be entitled to a $4.06 claim. Class counsel have said the deal is “among the highest dollar settlement[s] per class member that has ever been reached” in a impermissible access FCRA case, noting in court records that it’s rare for such settlements to be paid...

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