$3.25M Bank of America repossession class action settlement

Bank of America agreed to a $3.25 million class action lawsuit settlement to resolve claims it failed to send proper notices to Pennsylvania borrowers after repossessing their vehicles.

The Bank of America repossession settlement benefits consumer borrowers who were sent notices from Bank of America after their vehicles were repossessed between Dec. 23, 2016, and Feb. 16, 2024.

According to the Bank of America class action lawsuit, the company failed to send proper notices to Pennsylvania borrowers after repossessing their vehicles. These notices allegedly failed to specify the date after which the bank would sell the repossessed vehicle — a date that was supposed to be at least 15 days after the date of the notice.

Bank of America is a national bank that offers a variety of financial products, including auto loans.

Bank of America hasn’t admitted any wrongdoing but agreed to the $3.25 million class action settlement to resolve these allegations.

Under the terms of the Bank of America repossession settlement, class members can receive a cash payment and credit report relief.

Class members will be able to receive a proportional share of the net settlement fund. Exact payment amounts will vary. Class members can check their estimated payment on the settlement website under “Estimated Award Eligibility.”

Bank of America agreed to request that credit reporting agencies delete any reference to class members’ auto loan accounts. This deletion may improve class members’ credit scores.

The deadline for exclusion and objection is Dec. 18, 2024.

The final approval hearing for the Bank of America class action settlement is scheduled for Feb. 18, 2025.

No claim form is required to benefit from the settlement. Class members who do not exclude themselves will automatically receive settlement benefits if the court approves the settlement.

Who’s Eligible

Borrowers who were sent notices by Bank of America after their vehicle was repossessed between Dec. 23, 2016, and Feb. 16, 2024

Potential Award

TBD

Proof of Purchase

N/A

Claim Form Deadline

N/A

Case Name

Nelson, et al. v. Bank of America NA, Case No. 5:23-cv-00255-JS, in the United States District Court for the Eastern District of Pennsylvania

Final Hearing

02/28/2025

Settlement Website

NelsonClassAction.com

Claims Administrator

Nelson v. Bank of America Class Settlement
c/o Settlement Administrator
PO BOX 23698
Jacksonville, FL 32241-3698
[email protected]

Class Counsel

Jody T Lopez-Jacobs
FLITTER MILZ PC

Defense Counsel

K Issac deVyver
MCGUIREWOODS LLP