Welcome to the Closson v. Bank of America Settlement Website


CURRENT CASE STATUS


On August 3, 2009, the Court in Closson, et al. v. Bank of America N.A., et al. entered the Judgment based upon its final approval of the class action settlement. This Judgment, as well as related court orders pertaining to the settlement, is available for review under the Court Documents tab of this website. An appeal from the Judgment has been filed. Under the terms of the Settlement Agreement, the filing of the appeal has the effect of postponing the effective date of the settlement and delaying distribution of the settlement payment. Whether and when a payment may be made will depend upon what the result of the appeal is and when the appeal is finally concluded.



A settlement has been proposed in a class action lawsuit brought against Bank of America based on allegations of misconduct relating in part to its assessment of certain fees in relation to debit card transactions. The Court will hold a Fairness Hearing to consider whether the Settlement is fair, reasonable and adequate. After the hearing, the Court will decide whether to approve the Settlement.

The lawsuit claims Bank of America encouraged its customers to use Bank of America debit cards and increased the number of fees charged to customers using Bank of America debit cards through the order in which such transactions are posted and the account balance information it provides. The lawsuit also claims that Bank of America authorizes debit card transactions that will result in overdraft fees; fails to warn customers that specific debit card transactions may result in overdrawn accounts; posts debit card and other transactions in high-to-low order; and provides account balance information to customers that is not current, accurate or as advertised. In addition, the lawsuit claims that Bank of America’s customer agreements are unconscionable, and that Bank of America does not provide customers with copies of account agreements until after they open their accounts. Bank of America denies these claims and contends that it has fully complied with federal law, any applicable state laws, and its customer agreements, and also contends that it has other defenses to the claims in the lawsuit. In agreeing to settle, Bank of America does not admit it did anything wrong. The Court has not decided the merits of the lawsuit or any of the defenses.

A description of the Settlement Class and the terms of the Settlement and release are available in the Settlement Notice posted on this site. You can also view Court Documents, including the Final Settlement Agreement, copies of pertinent Court orders and other court filings, and other information concerning the Settlement and the Lawsuit. Additional assistance can be obtained by calling toll-free 1-877-625-9405.

The Settlement provides that Bank of America will pay a total of $35 million to the Settlement Fund. Certain customers and former customers of Fleet Bank, LaSalle Bank, LaSalle Bank Midwest, and U.S. Trust Company may be Settlement Class Members. If you meet the eligibility requirements needed to be a Settlement Class Member, to obtain a payment you must complete and submit a Claim Form. You also have other options under the settlement as summarized below. PLEASE READ THE NOTICE CAREFULLY TO DETERMINE IF YOU ARE A SETTLEMENT CLASS MEMBER AND YOUR RIGHTS AND OPTIONS UNDER THE SETTLEMENT.

IMPORTANT DATES

Event: Description: Date:
Submit a Claim Form
This deadline is past.
Remain in the Class and give up your right to sue Bank of America separately about the claims made in this lawsuit. This is the only way to get a payment from the Settlement Fund of up to $78. Postmarked by May 1, 2009
Exclude Yourself/Opt Out
This deadline is past.
Get no payment from the Settlement Fund in this case. This is the only option that lets you be part of any other lawsuit against Bank of America about the legal claims in this case. Postmarked by May 1, 2009
Object
This deadline is past.
Remain in the Class, but write to the Court about why you do not think the Settlement is fair, reasonable and adequate. Postmarked by May 1, 2009
Go to a Hearing
This deadline is past.
Ask to speak in Court about the fairness of the Settlement. Postmarked by May 1, 2009
Fairness Hearing The Court will hold a Fairness Hearing to decide whether to approve the Settlement. June 16, 2009

DO NOT CONTACT BANK OF AMERICA OR THE COURT FOR INFORMATION.