Administrative/Regulatory
Oct. 16, 2004
Ruling Could Cost Bank $1.5 Billion
SAN FRANCISCO - A judge has issued a tentative ruling that could cost Bank of America as much as $1.5 billion. Affirming and expanding on a verdict touted as the largest ever in San Francisco, Superior Court Judge Anne Bouliane found Wednesday that the bank unlawfully seized Social Security funds from senior and disabled customers to pay overdraft fees and misrepresented that it had a legal right to do so, violating California's consumer protection and unfair competition laws.
Affirming and expanding on a verdict touted as the largest ever in San Francisco, Superior Cou...
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