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Bank of America Military Interest Rates Settlement

Settlement Structure: Claims Made

Active: Closed

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:

Bank of America is paying nearly $42 million to settle claims that it violated the Servicemembers Civil Relief Act, the Truth in Lending Act, North Carolina’s Unfair and Deceptive Trade Practices Act, as well as common law, by charging service members and their families excessive interest rates on mortgages, credit card accounts, and other interest-bearing obligations, and by attempting to hide the excessive interest charges.

Docket Number:

5:15-CV-231

Company: Bank of America

Class Period: September 11, 2001

Objection Deadline: December 12, 2017

Exclusion Deadline: December 12, 2017

Final Approval Hearing: February 5, 2018

Proof of Purchase:

No, class members have already been identified from Bank of America records.

Eligibility:

You may be eligible if you are in Bank of America’s records as obligors or guarantors on an obligation or account that, at any time on or after September 11, 2001, received or were eligible to receive additional compensation due to reduced military interest rate benefits. Class members are divided into four groups, based on a number of factors, such as time period, type of obligation, and whether the member has already received adjustment payments. You do not need to file a claim to receive your payment.

Typical Settlement Amount:

Varies; for more information, see the Notice at http://www.bankofamericamilitarysettlement.com/media/1095884/bxo_notice.pdf or the Settlement Agreement at http://www.bankofamericamilitarysettlement.com/media/1073652/settlement_agreement.pdf.

Total Settlement Amount: $41,920,374.06

Class Representative Proposed Incentive Fee:

$10,000- $15,000

Law Firms:
Hagens Berman
Shanahan McDougal PLLC
Smith & Lowney PLLC

Case Name: Childress v. Bank of America, N.A.

Settlement Website: Bank of America Military Settlement Website

Claims Administrator:
Kurtzman Carson Consultants

Claims Administrator Contact Information:

Bank of America Military Settlement
c/o Kurtzman Carson Consultants
P.O. Box 404036
Louisville, KY 40233-4036
1-877-468-0425
info@BankofAmericaMilitarySettlement.com

Tags: Excessive Interest Rate, Military Service Members and/or Veterans, Truth in Lending, Your Bank