Bofa Class Action Lawsuit Settlement Agreement and What It Means

A class action lawsuit settlement agreement was reached between Bank of America (BoFA) and the plaintiffs, allowing eligible customers to claim a share of the settlement funds.

The agreement stems from allegations of excessive overdraft fees charged by BoFA between 2001 and 2010.

Eligible customers who paid overdraft fees during that period can file a claim to receive a portion of the settlement.

The settlement amount is $410 million, which will be distributed to claimants based on their individual overdraft fees paid.

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The Settlement Details of the BofA Class Action are complex, but don't worry, I've got the lowdown. The Settlement was reached after more than four years of intensive litigation, involving over 8 million pages of documents and more than 30 fact witnesses.

The Settlement will end all claims against the defendants in the Action and avoid the uncertainties and costs of further litigation. This means that affected investors may become eligible to receive compensation once the claims made against the Net Settlement Fund are validated.

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The Settlement was reached through protracted arm's-length negotiations and mediations before an experienced mediator. The Lead Plaintiff, through Lead Counsel, conducted an extensive investigation of the claims and underlying events.

Here are some key documents related to the Settlement:

The Settlement will end all claims against Bank of America in the Action, avoiding the uncertainties and costs of further litigation and any future trial. This means that affected investors won't have to wait for the outcome of future motions, trials, and appeals.

Assuming the Settlement is approved, affected investors may become eligible to receive compensation once their claims are validated, calculated, and presented to the Court for payment. This process can be lengthy, but it's a more efficient way to resolve the matter compared to going through the full litigation process.

The Settlement was reached after more than four years of intensive litigation, involving extensive investigations, document reviews, and witness depositions. This level of scrutiny is a testament to the thoroughness of the process.

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The payment for your losses in the Bank of America class action will be determined by the Plan of Allocation, which takes into account several factors including the number of shares you bought, how much you paid for them, and when you sold them.

Your share of the Net Settlement Fund will be calculated by dividing your Recognized Loss by the total Recognized Losses of all Authorized Claimants and then multiplying it by the total amount in the Net Settlement Fund.

It's unlikely you'll receive a payment for your entire Recognized Loss because of the large number of potential Class Members.

The exclusion deadline for opting out of the proposed Settlement has passed, so if you haven't already, you're now a part of the class action.

If you had wanted to opt out, you would have had to complete and mail a request for exclusion form by September 13, 2016.

The lawyers will be paid for their work on the case, but the details of their payment are not specified in the article section.

The payment for the lawyers will be determined by the Court's approval of their application for attorneys' fees and reimbursement of expenses.

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If you're considering joining a BofA class action, you'll need to weigh the potential benefits against what you might give up.

You'll likely have to give up your right to sue Bank of America (BofA) individually, which means you'll be giving up control over your own case.

You'll also have to give up any punitive damages, which can be a significant amount of money.

Your settlement check, if you're eligible, will be a percentage of the total settlement amount, which can be a fraction of what you might have received if you sued individually.

You may have to give up your right to appeal the settlement, which means you won't be able to contest it if you feel it's unfair.

The class action lawsuit process can be lengthy and unpredictable, which may lead to feelings of frustration and helplessness.

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The settlement plan for the BofA class action was reached after over four years of intensive litigation. Lead Plaintiff and Lead Counsel conducted an extensive investigation, reviewed millions of documents, and took depositions of fact witnesses before entering into the Settlement.

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The settlement was approved on November 29, 2016, after a hearing was held. This marked the end of all claims against Defendants in the Action.

Important dates to note include:

The distribution of the settlement fund has been ongoing, with a status report provided in September 2024. This report detailed the progress of distribution, indicating that the settlement fund is being distributed to eligible class claimants.

A settlement fund has been established for the BofA class action lawsuit, with a status report available for viewing. The report details the progress of distribution of the settlement fund as of September 2024.

Several important documents related to the case have been made available, including an amended order approving the second distribution of the remainder of the settlement fund.

A stipulation and agreement of settlement has been reached, outlining the terms of the settlement. The agreement is available for viewing in PDF format.

The claims administrator's fees and expenses have been paid, as directed by an executed order. This order also details the payment of the claims administrator's fees and expenses.

A notice of class action, proposed settlement, motion for attorneys' fees and expenses, and settlement hearing has been issued. This notice provides important information for class members.

Here is a list of some of the key documents related to the case: