Bank of America Reaches Settlement in Principle in Lawsuit Over Fake Accounts
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The case was initially filed in 2023, with the plaintiffs alleging that Bank of America opened thousands of unauthorized accounts. Previously, the U.S. Consumer Financial Protection Bureau (CFPB) had fined Bank of America $250 million for issues including unauthorized credit card accounts. A report dated November 12, 2026, stated that Bank of America had reached a settlement in principle in the related class-action lawsuit, but the agreement had not yet been finalized. The parties have requested a stay of the remaining case deadlines and plan to set January 11 as the deadline for the plaintiffs to submit an application for preliminary approval.
AI-written from reports · updated 1 hour ago
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- Banking DiveBank of America Reaches Agreement in Principle to Settle Lawsuit Over Unauthorized Accounts
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.
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