A Settlement Agreement of $1.645 million was reached with Bank of America, N.A. in a lawsuit alleging that Bank of America violated the Fair Credit Reporting Act (“FCRA”) by opening consumer credit reports to carry out “Account Review Inquiries” of Bank of America customers right after their Bank of America account relationships had ended.
The bank denied any responsibility or wrongdoing, but in order to prevent any litigation costs and risk, the institution has agreed to reach a settlement about the class claim.
For this case, it’s considered to be a Settlement Class Member a person that were a borrower on a Bank of America account or Bank of America-serviced account and that the bank conducted a review of his/hers credit report through an Account Review Inquiry during the August 21, 2010 to July 7, 2017, and whose account relationship with the bank was terminated either because the debt on the account had been discharged via bankruptcy, the account was closed with a zero balance, or the account was sold or transferred to a third party.
Back in December 2017, the bank discovered that as a consequence to an unexpected error in retrieving names and addresses of class members form Bank of America, N.A.’s electronic consumer records, the Notice was not mailed to all borrowers on accounts with multiple borrowers.
Therefore, additional or secondary borrowers’ names did not get a direct notice, so Bank of America, N.A. has identified only 61,410 such additional or secondary borrowers. Though many of these additional or secondary borrowers got the notice through a primary borrower (who in most cases is a spouse or other family member living at the same address), out of an abundance of caution and to ensure full compliance with the Court’s order, the Parties believe it is necessary to send a Supplemental Class Settlement Notice to the other 61,410 borrowers.
Both Parties have submitted a proposed Supplemental Notice and are implementing the Court’s requested clarifications. All class members, which include both the Original Settlement Class Members and the additional settlement class members, are permitted to file a claim, opt out of the settlement, or object to the settlement until June 19, 2018.
UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA
If You Had an Account with Bank of America, N.A.,
You May be Eligible for a Payment from a Class Action Settlement. A federal court authorized this notice. This is not a solicitation from a lawyer.
- A $1.645 million Settlement has been reached with Bank of America, N.A. in a lawsuit alleging that Bank of America violated the Fair Credit Reporting Act (“FCRA”) by accessing consumer credit reports to conduct “Account Review Inquiries” of Bank of America customers after their account relationships had ended. Bank of America denies any liability or wrongdoing. The Court has not decided which side is right.
- Borrowers on certain Bank of America and Bank of America-serviced accounts may be eligible for a payment from the Settlement Fund.
- If the below criteria are met, this triggers a payment obligation on the part of Bank of America, and you are entitled to receive payment from the Settlement Fund. o You were a borrower on a Bank of America account or Bank of America-serviced account; AND o Your consumer credit information was accessed by Bank of America through an Account Review Inquiry during the period August 21, 2010 through July 7, 2017; AND o At a time when the account met any one of the following criteria:
- the account was closed with a zero balance;
- the account had been sold or transferred to a third party; or
- the debt on the account had been discharged in bankruptcy; AND o You timely submit a Claim Form.
- Your legal rights are affected whether you act or don’t act. Please read this notice carefully.