Violation Tracker Individual Record

Company: 
Bank of America, NA
Current Parent Company: 
Bank of America
Penalty: 
$3,670,000
Year: 
2005
Date: 
May 27, 2005
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
discriminatory practices (non-employment)
Violation Description: 

To resolve allegations that it discriminated against minority auto loan customers, Bank of America agreed to reform its practices and pay $45,000 to class representatives, $425,000 for consumer education and $3.2 million for plaintiff's legal fees and expenses. Case documents are not available online. These details are taken from the following article: Kenneth J. Rojc, Dealer Rate Participation Class Action Settlements: Impact on Automotive Financing, Business Lawyer, February 2006 (via Nexis).

Level of Government: 
federal
Action Type: 
private litigation
Court: 
Middle District of Tennessee
Civil or Criminal Case: 
civil
Case ID: 
3:02-cv-0364
Case Name: 
Osborne, et al v. Bank Of America, NA
Private Lawsuit Resolution Type: 
settlement
HQ Country of Parent: 
USA
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Link to PACER Case Docket (must be logged in): 
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.