Settlement Structure: Claims Made
Closed Settlement Statement:
According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.Case Summary:
The plaintiff in this lawsuit alleges that Bank of America breached the promissory notes underlying consumers' FHA-insured home loans when they collected post-payment interest without providing an FHA-approved payoff disclosure to borrowers who made a pre-payment inquiry, request for payoff figures, or tender of prepayment.Docket Number:
Company: Bank of America
Class Period: June 1, 1996 to January 20, 2015
Objection Deadline: February 6, 2017
Exclusion Deadline: February 6, 2017
Final Approval Hearing: March 23, 2017Proof of Purchase: Eligibility:
This settlement includes any person who had a FHA-insured loan for which:
- The loan was originated between June 1, 1996 and January 20, 2015
- One of the Releasees—as of the date the total amount due on the loan was brought to zero—was the lender, mortgagee, or otherwise held legal title to the note
- One of the Releasees collected interest for any period after the total amount due on the loan was brought to zero
- One of the Releasees collected post-payment interest during the statue of limitations period applicable fo the loan
Claimants will receive a refund of a percentage of the amount of post-payment interest collected with the paid-off FHA-insured mortgage loan.
Total Settlement Amount: $29,000,000Class Representative Proposed Incentive Fee:
Bondurant Mixson Elmore LLP
Case Name: Dorado v. Bank of America, N.A.
Settlement Website: Dorado v. Bank of America, N.A.
Garden City Group
Dorado v. Bank of America
P.O. Box 10340
Dublin, OH 43017-5540