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|$20 Million BofA Credit Card Protection Class Action Settlement Preliminarily Approved|
- Tuesday, 31 July 2012 09:11
$20 Million BofA Credit Card Protection Class Action Settlement Preliminarily Approved
By Kimberly Mirando
UPDATE: Details on how to file a claim for the Bank of America Credit Protection Class Action Settlement have arrived!
A federal judge has preliminarily approved a $20 million class action lawsuit settlement offered to Bank of America customers who claimed the bank used deceptive marketing tactics to sign up and charge credit card customers for a useless credit-protection service. Some cardholders will be eligible for $50 and $100 awards under the class action settlement.
Credit card customers alleged in the Bank of America credit protection class action lawsuit that not only did the bank sign them up for its Credit Protection Plus service without their permission or through deceptive marketing, but that it also gave them nothing meaningful in return for the monthly fees they were charged. Bank of America charged customers for the service without authorization, enrolled them through deceptive marketing, and improperly denied benefits, the class action lawsuit alleged.
The Bank of America payment protection settlement is the latest in a string of settlements reached in consumer class action lawsuits accusing banks of deceptively marketing payment protection products and other add-ons to credit card customers. Chase credit card customers won a $20 million class action lawsuit settlement last year over the deceptive tactics, Discover card customers won a $10.5 million class action settlement earlier this year, and Capital One cardholders will receive $210 million as part of a class action settlement alleging the bank tricked them into buying unwanted “add-on” products such as payment protection and credit monitoring.
Bank of America admitted no wrongdoing in the proposed class action lawsuit settlement, but agreed to change some of its practices related to the Credit Protection Plus program, including waiving or eliminating restrictions previously imposed that did not allow enrollees to receive benefits. It also agreed to create a $20 million class action lawsuit settlement fund to pay credit card customers who enrolled in the credit protection service starting in 2006.
U.S. District Judge Thelton Henderson preliminarily approved the BofA credit card protection class action settlement on July 23, 2012. A Final Settlement Approval Hearing is scheduled for January 14, 2013.
Customers will have until February 26, 2013 to submit claim forms to receive money from the class action lawsuit settlement.
The case is In Re: Bank of America Credit Protection Marketing and Sales Practice Litigation, Case No. 11-md-2269, U.S. District Court, Northern District of California, San Francisco.
Updated October 29th, 2012
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Last Updated on Thursday, 27 December 2012 10:09