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Bank of America 2Q net income jumps 19%
Bank of America said its profits grew 19% last quarter, the latest of the big banks to see its bottom line boosted by higher interest rates. On a per-share basis, BofA earned 88 cents, topping Wall Street's forecast. Bank of America's net interest income rose 14% to $14.2 billion in the second quarter thanks to higher interest rates and larger loan balances. Separately, regional bank PNC Financial[...]
BofA hit with $250 million in fines and customer refunds for ‘double-dipping’ fees, fake accounts
NEW YORK (AP) — Bank of America will reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent. Combined, it is one of the highest financial penalties in years against Bank of America, which has largely […]
Alex and Ani drops $1.2 billion suit against Bank of America
Jewelry maker Alex and Ani has dropped its $1.2 billion discrimination lawsuit against Bank of America that had alleged “gender bias and greed.” The Providence Journal reports the Rhode Island company agreed to voluntarily dismiss the suit after reaching a confidential agreement with the Charlotte, North Carolina, bank. The lawsuit, filed in federal court in […]
$12.8M class action settlement nets $3.2M in fees
More than $3.2 million in fees have been awarded to the attorneys who represented a group of financial advisors in a class-action lawsuit filed in Charlotte federal court against Merrill Lynch. The suit resulted in a $12.8 million settlement that received final court approval earlier this month. An attorney for the plaintiffs, Michael Taaffe, chair […]
Big Bank accused of swindling military members
JPMorgan Chase is facing a federal class-action lawsuit in North Carolina alleging that the banking giant took advantage of thousands of military members throughout the country while they were deployed. The lead plaintiffs, Gary and Anne Childress of Raleigh, had credit card debt with JPMorgan in 2008, when the National Guard sent Mr. Childress to […]
Appeals court reverses fraud finding against Bank of America
NEW YORK (AP) — A federal appeals court has reversed a jury’s finding that Bank of America Corp. was liable for fraud for its actions before the economy collapsed in 2008. It also negated a more than $1.2 billion penalty imposed after trial. The 2nd U.S. Circuit Court of Appeal in New York City ruled […]
Banks & Banking – Contract Novation – Promissory Notes – Note Holder – Civil Practice – Law of the Case – Rule 12 Motion – Referenced Documents
Bank of America, N.A. v. Rice (Lawyers Weekly No. 15-07-1125, 25 pp.) (Mark Davis, J.) Appealed from Mecklenburg County Superior Court (Richard Boner & W. Robert Bell, JJ.) N.C. App. Holding: In a pre-discovery appeal concerning defendant’s demand for arbitration, a limited record led this court to conclude that the plaintiff-bank was not a party […]
Real Property – Mortgages – Foreclosure – Collateral Attack – Unfair Trade Practices
Real Property – Mortgages – Foreclosure – Collateral Attack – Unfair Trade Practices Thompson v. Bank of America, N.A. (Lawyers Weekly No. 15-16-0790, 11 pp.) (Lucy Inman, J.) Appealed from Mecklenburg County Superior Court (Richard Boner, J.) N.C. App. Unpub. Holding: Where the clerk of court’s foreclosure order found both that the defendant-bank was the […]
Civil Practice – Res Judicata – Real Property – Mortgages – HAMP Claim
Civil Practice – Res Judicata – Real Property – Mortgages – HAMP Claim Traber v. Bank of America (Lawyers Weekly No. 15-16-0791, 12 pp.) (Martha Geer, J.) Appealed from Polk County Superior Court (Marvin Pope, J.) N.C. App. Unpub. Holding: Plaintiffs’ 2010 complaint against defendants alleged a violation of the federal Home Affordable Modification Program. […]
Overcharged: Lawsuit alleges Bank of America’s interest charges to military members exceeded maximum allowed
Three sets of military families have filed a lawsuit against Bank of America alleging violations of the federal Servicemembers Civil Relief Act. The complaint, filed June 1, is asking the U.S. District Court for the Eastern District of North Carolina for class-action status. It contends that Bank of America charged military members serving overseas interest […]
Bank of America returns to profits as legal costs subside
NEW YORK (AP) — Bank of America returned to profitability in the first quarter as the bank was able to move beyond its legal troubles last year. However, the results came in short of some analysts’ estimates. The consumer banking giant said Wednesday that it earned $2.98 billion after payments to preferred shareholders, compared with […]
Bank of America earnings slump on legal settlement
NEW YORK (AP) — Bank of America, the second-largest U.S. bank by assets, said Wednesday that its earnings slumped in the third quarter after it agreed to a settlement with the government over its sale of mortgage-backed securities. The Charlotte-based bank reported net income of $168 million for the period, down from $2.5 billion in […]
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