A reader, Sally, let us know that there is a Bank of American Escrow Interest Lawsuit Settlement!
If you took out a mortgage on a California 1- to 4-family residential property that was originated, acquired, or serviced by Bank of America between July 2008 and December 2018 and you paid Bank of America money in advance for payment of taxes and assessments on the property, for insurance, or for other purposes relating to the property, and did not receive at least 2 percent simple interest per annum on the amounts so held, you may be entitled to a payment from a Class Action Settlement..
If the Settlement is approved and becomes final, Bank of America will pay thirty-five million dollars ($35,000,000.00) into a Settlement fund. This money will be used to: (1) make Settlement Payments to Settlement Class Members; (2) pay the costs of distributing notice and Settlement Payment checks to Settlement Class Members and other costs of administering the Settlement; and (3) pay court-awarded attorneys’ fees and litigation expenses of the attorneys appointed by the Court to represent the Class (“Settlement Class Counsel”) and any service award granted to the Plaintiff.
You do not need to file a claim or take any other action to receive a Settlement Payment.