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Violation Tracker Individual Record

Company: Bank of America, NA
Current Parent CompanyBank of America
Parent at the Time of the Penalty Announcement subscribe to see this data field
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 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
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.