Bank of America Property Claims Class Action Settlement

A settlement has been reached in a class action lawsuit alleging Bank of America N.A. (BANA) breached certain duties when disbursing property insurance claim proceeds to borrowers in foreclosure or in applying the claim proceeds to the balance of borrowers’ loans or arrearage.

If approved, this property claim settlement will resolve a class action lawsuit that was filed against Bank of America in 2013 over its alleged breach of duties. The plaintiffs claim that when Bank of America received and held funds for disbursement claim proceeds for borrowers in foreclosure, it would label those funds with a code to indicate the foreclosure status.

According to the property claim class action lawsuit, Bank of America monitored accounts for funds held for borrowers who were not in foreclosure to make sure they responded to requests for documentation necessary to disburse the funds. Bank of America would attempt to contact the non-foreclosure borrowers if they did not submit the requested documentation; however, the bank allegedly did not provide this same courtesy for borrowers who were in foreclosure.

The Bank of America class action lawsuit asserts claims for breach of contract, unjust enrichment and conversion.

Bank of America denies the allegations but agreed to settle the class action lawsuit to avoid the expense and uncertainty of ongoing litigation.

Who’s Eligible

Class Members of the Bank of America property claims settlement include “all borrowers (i) whose loans were serviced by BANA, (ii) who were in foreclosure at the time BANA received property claim insurance funds (‘claim proceeds’), and (iii) whose claim proceeds (in whole or in part) were being held by BANA as of … April 11, 2013.”

You can find out if you are a Class Member by clicking the Class Member Verification tab on the settlement website.

Potential Award

At least $223 per claim.

The $2 million settlement fund will be distributed to eligible Class Members on a pro rata basis, subject to a claim cap of $20,000.

Proof of Purchase

Class Members must submit an IRS W-9 form when they file a claim.

Claim Form

CLICK HERE TO FILE A CLAIM »

Claim Form Deadline

05/10/2016

Case Name

James Copher, et al. v. Bank of America NA and BAC Home Loans Servicing LP, Case No. 5:13-cv-00353-M, in the U.S. District Court for the Western District of Oklahoma

Final Hearing

06/02/2016

Settlement Website

www.PropertyClaimsClassSettlement.com

Claims Administrator

Copher v. Bana Claims Administrator
P.O. Box 5110
Portland, OR 97208-5110
1-877-854-0023
info@PropertyClaimsClassSettlement.com

Class Counsel

Robert C. Finkel
WOLF POPPER LLP

William B. Federman
FEDERMAN & SHERWOOD

Defense Counsel

Marc Lackner
REED SMITH LLP

Joe E. Edwards
CROWE & DUNLEVY