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
Claims Administrator
Nelson v. Bank of America Class Settlement
c/o Settlement Administrator
PO BOX 23698
Jacksonville, FL 32241-3698
Class Counsel
Jody T Lopez-Jacobs
FLITTER MILZ PC
Defense Counsel
K Issac deVyver
MCGUIREWOODS LLP
Bank of America Settles Repossession Lawsuit for $3.25M – Bank of America Settles Repossession Lawsuit for $3.25M – Bank of America Settles Repossession Lawsuit for $3.25M
Bank of America Settles Repossession Lawsuit for $3.25M – Repossess – Repossession – Lawsuit – Lawsuit – Lawsuit
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