Childress v. Bank of America, N.A.

Welcome to the Bank of America Military Settlement Website

Case Summary


 

A  Settlement has been reached with Bank of America in a class action entitled Childress v. Bank of America, N.A. Case No. 5:15-CV-231, pending in the United States District Court for the Eastern District of North Carolina. The Plaintiffs  allege, among other things, that, since September 11, 2001, Defendant charged thousands of military servicemember family customers excessive interest on their interest-bearing obligations, including mortgage and credit card accounts, and further tried to conceal the excess interest charges, in violation of the Servicemembers Civil Relief Act (“SCRA”), the Truth in Lending Act (“TILA”), North Carolina’s Unfair and Deceptive Trade Practices Act (“UDTPA”), and common law, including breach of contract, negligence, and negligent misrepresentation. 

The Court has not decided in favor of the Plaintiffs or Bank of America.  The parties have agreed to Settlement. By agreeing to the Settlement, the Parties avoid the costs and uncertainty of a trial, and Settlement Class Members receive the benefits described in the notice. The proposed Settlement does not mean that any law was broken or that Bank of America did anything wrong. 

The “Settlement Class” is defined as: "All persons identified in Bank of America’s records as obligors or guarantors on an obligation or account that, at any time on or after September 11, 2001, received and/or may have been eligible to receive additional compensation related to military reduced interest rate benefits from Defendant, but excluding persons who have executed a release of the rights claimed in this action." 


*** UPDATE (6/3/19) ***: THE GENERAL DISTRIBUTION TO ALL CLASS MEMBERS (ALSO KNOWN AS STEP FOUR UNDER THE SETTLEMENT DISTRIBUTION PLAN) TOOK PLACE ON FRIDAY, MAY 31, 2019.  SETTLEMENT CHECKS WERE MAILED TO ALL CLASS MEMBERS ON THAT DATE.  PLEASE ALLOW A FEW WEEKS FOR THE CHECKS TO ARRIVE.  

*** UPDATE (4/25/19) ***: THE DISTRIBUTION TO ALL CLASS MEMBERS HAS NOT YET TAKEN PLACE. WE APPRECIATE EVERYONE’S CONTINUED PATIENCE. THE COMPLEXITY COMES FROM PROVISIONS IN THE SETTLEMENT THAT RETURNS UNCASHED STEP ONE PAYMENTS TO CLASS MEMBERS. THIS TAKES MORE TIME BUT INCREASES THE PRO RATA DISTRIBUTION TO CLASS MEMBERS. IT HAS UNFORTUNATELY TAKEN LONGER THAN EXPECTED BUT WE CONTINUE TO WORK TOWARDS GETTING THE DISTRIBUTION OUT AS QUICKLY AS POSSIBLE.


WE ARE ALSO AWARE OF SOME CONFUSION AMONG CLASS MEMBERS REGARDING CHECKS THAT HAVE ALREADY BEEN MAILED. PLEASE NOTE THAT THE ONLY CHECKS TO CLASS MEMBERS THAT HAVE BEEN SENT OUT WERE CHECKS THAT WERE PART OF STEP ONE OF THE DISTRIBUTION PLAN. NO CHECKS HAVE BEEN SENT OUT IN CONNECTION WITH DISTRIBUTION PLAN STEP FOUR WHICH IS THE GENERAL PRO RATA DISTRIBUTION TO ALL CLASS MEMBERS.


THE STEP FOUR DISTRIBUTION WILL TAKE PLACE SHORTLY AND THIS WEBSITE WILL BE UPDATED ON THE DATE WHEN THE DISTRIBUTION COMMENCES.


*** UPDATE (2/26/19) ***:  AT THE PRESENT TIME, THE ANTICIPATED DISTRIBUTION TO ALL CLASS MEMBERS SHOULD TAKE PLACE IN LATE MARCH 2019.  YOUR CONTINUED PATIENCE IS APPRECIATED.

 

*** UPDATE (10/9/18) ***:        PLEASE NOTE:  STEP ONE OF THE FIVE STEP DISTRIBUTION PLAN HAS COMMENCED IN THIS CLASS ACTION.  ON SEPTEMBER 19, 2018, THOSE MEMBERS WHO FAILED TO CASH OR DID NOT RECEIVE CHECKS SENT BY BANK OF AMERICA PRIOR TO THE SETTLEMENT WERE RE-SENT CHECKS.  IF YOU DID NOT FALL INTO THIS SUB-GROUP OF CLASS MEMBERS, NO CHECK WAS SENT TO YOU.  AT THE PRESENT TIME, THE DISTRIBUTION TO ALL CLASS MEMBERS IS ANTICIPATED TO TAKE PLACE IN FEBRUARY 2019. 

 

FOR MORE INFORMATION ABOUT THE FIVE STEP DISTRIBUTION PLAN, PLEASE REFER TO THE SETTLEMENT AGREEMENT AND ACCOMPANYING EXHIBITS WHICH ARE POSTED HERE.  

 

AS A REMINDER, TO ENSURE PROMPT DELIVERY OF ANY DISTRIBUTION PAYMENT, PLEASE MAKE SURE TO KEEP YOUR CONTACT INFORMATION CURRENT WITH THE SETTLEMENT ADMINISTRATOR. 

 

SUMMARY OF YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

GET A PAYMENT AUTOMATICALLY                                                                                                                                                                                                                                                                            

The Settling Parties have identified the complete set of Class Members. If you have been identified as a Class Member, you do not need to do anything to receive a payment. Your payment will be automatically sent by mailed check if the Court approves the Settlement and it becomes final.

EXCLUDE YOURSELF

Deadline: December 12, 2017                                                                                                                                                                                                                                                                                                                            

You will receive no benefits from the Settlement.  This option allows you to retain your right participate in other lawsuits against Bank of America for the claims in this case.

OBJECT

Deadline: December 12, 2017                                                                                                                                                                                                                                    

Write to the Court if you do not approve of the Settlement.

GO TO A HEARING

Date: February 5, 2018                                                                                                                                                                 

You may ask to speak in Court about the fairness of the Settlement.

DO NOTHING                                                                                                                                                                                                  

You will receive payment if identified by the Settling Parties as a Class Member and give up your right to participate in other litigation against Bank of America about the claims made in this case. 


 

Although the information in this website is intended to assist you, it does not replace the information contained in the Class Notice or the Settlement Agreement, both of which are available on this website.