Boston, MA 10/01/2013 (wallstreetpr) – Bank of America Corp (NYSE:BAC) is going to settle a class action lawsuit which was filed against BAC, which will cost the company worth $32 million. This lawsuit was filed on behalf of 7.7 million Bank of America customers, for harassment of debtors by using a robotic service for Debt collection. Precedents could be set by this case. It is believed that it is the highest amount of cash ever paid under Telephone Consumer Protection Act 1991, which was designed to protect the consumers from unsolicited calls.
Bank of America on the other hand denied these allegations and presented an explanation that this settlement is just to avoide the continuous legal costs. BAC also agreed to stop calling its customers’ cell phones unless the permission to do so is granted.
BAC shares on Monday session closed at lower, a falling of 0.72% which was $13.80, it was due to changing hands of 103.7 million shares. It was above even its one month trading volume which was 86.8 million.
About Bank Of America
Bank of America is a Bank holding company as well as a financial holding company. BAC is a financial institution which provides services to Governments, middle and small market businesses and also individual customers with a range of investment, banking, asset management and various other financial as well as risk management services and products.
Together with its various banking and nonbanking subsidiaries which are placed all across the U.S. and also in international markets, Bank of America provides the customers with a range of banking as well as nonbanking financial products and services by the help of its five business segments: Consumer Real Estate Services (CRES), Consumer & Business Banking (CBB), Global Markets, Global Banking and Global Wealth & Investment Management (GWIM),with some other operations which are recorded by others.
