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Violation Tracker Individual Record

Company: Bank of America N.A.
Current Parent Company: Bank of America
Penalty: $1,266,600,000
Year: 2018
Date: August 31, 2018
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: banking violation
Mega-Scandal: Overdraft Fees
Violation Description: Bank of America agreed to a settlement valued at over $1.2 billion to settle litigation alleging that it imposed excessive overdraft fees on checking account customers. Most of the settlement amount involved the value of the fees the bank would forgo as a result of changing its practices.
Level of Government: federal
Action Type: private litigation
Court: Southern District of California
Civil or Criminal Case: civil
Case ID: 3:16cv492
Case Name: Farrell v. Bank of America, N.A.
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Link to PACER Case Docket (must be logged in): (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.