$410M settlement in Bank of America suit

Discussion in 'Wall St. News' started by nutmeg, Nov 8, 2011.

  1. "Bank of America processed its debit card transactions in the order of highest to lowest dollar amount so it could maximize the overdraft fees customers paid."

    "Bank of America insists there was nothing improper about the processing sequence."

    Of course not, this is our culture, to screw the customer.

    To make matters worse:

    "Customers will receive a minimum of 9 percent of the fees they paid through the settlement..."

    9 per cent? We are good to go with our $2.70 settlement on a overdraft fee of 30 dollars.

    I suppose we get screwed again by the lawyers.

    Read more: http://www.timesunion.com/business/...ttlement-in-Bank-of-2257334.php#ixzz1dAcvrx5f
  2. Class Action and federally forced mandatory settlements are home runs for the lawyers.

    Why enter into this settlement when you have a pattern of wire fraud triggering a RICO action? Restitution, treble damages and lawyers fees would mean each overdraft would result in a direct payment of $120 + interest versus the $2.70 they settled for.

    Of course the lawyers would only be paid hourly for their work and miss out on their 40% of the settlement plus fees.
  3. ==========
    I thought this was about the CountryWide Mortgage/BAC lawsuit;
    my mistake...:D :cool: