Bank of America Reaches Agreement in Principle to Settle Lawsuit Over Unauthorized Accounts

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Bank of America has reached an “agreement in principle to settle” a class-action lawsuit accusing it of opening thousands of unauthorized accounts. The settlement has not yet been finalized, and the parties have requested a pause in the remaining deadlines, proposing January 11 as the deadline for the plaintiffs to seek preliminary approval. The case was initially filed in 2023, and the CFPB previously fined the bank $250 million over issues including unauthorized credit card accounts.