Bank of America to Pay Back Wages

BofA ordered to pay back wages in hiring discrimination lawsuit

"Sept. 24, 2013  |  10:32 AM

CHARLOTTE, N.C., Sept. 24 (UPI) -- A federal judge has ordered Bank of America to pay back wages to 1,147 African-Americans who were turned down for jobs at the bank's Charlotte, N.C., facility.U.S. Department of Labor Administrative Law Judge Linda Chapman said the bank owed $964,033 to 1,034 applicants who were rejected for jobs in 1993 and $1,217,560 to 113 individuals who were rejected from 2002 to 2005.
The bank was also ordered to hire 10 members of the class action lawsuit as soon as the appropriate openings became available.
The bank was ordered to hire the 10 class members "with appropriate seniority," said the Department of Labor's Office of Federal Contract Compliance Program, which regulates hiring with regard to discrimination in companies that are federal contractors.
Bank of America was deemed a federal contractor because it is a federally insured bank, the OFCCP said.
The agency said it began a "routine compliance review" at the bank in November 1993 that "revealed indications of systematic hiring discrimination affecting African-American jobseekers looking for work as tellers and entry level clerks at the Charlotte facility."
Efforts to reconcile the differences with the bank failed, which led the Solicitor of Labor in 1997 to file a complaint against the bank."

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Bank of America Corp. Pays $39 Million

NEW YORK (AP) — "Bank of America Corp. has agreed to pay $39 million to settle claims of gender bias by women in its Merrill Lynch brokerage division.

The settlement was announced Friday by law firms representing women working as financial advisers or licensed financial advisers at Banc of America Investment Services Inc. or Merrill Lynch from 2007 through 2013.

Banc of America Investment Services was a brokerage firm owned by Bank of America. It was later folded into Merrill Lynch when BofA bought Merrill in 2009.

The lawsuit claims that the bank discriminated against women in compensation and business opportunities. The plaintiffs said women tended to be shut out of teams that worked on the most lucrative accounts, and so their compensation suffered."

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Bank of America Pays 2.2 Million in restitution

Usatoday.com

"COLUMBIA, S.C. -- Bank of America has been ordered to pay nearly $2.2 million in restitution for discriminating against more than 1,100 black job seekers.

Judge Linda S. Chapman of the U.S. Department of Labor has ordered the bank to pay 1,147 African American job applicants $2,181,593 in back wages and interest, for race-based hiring discrimination at the company's Charlotte, N.C., facility.

The Department of Labor's ruling awards $964,033 to 1,034 applicants who were rejected for jobs in 1993, and awards $1,217,560 to 113 applicants rejected between 2002 and 2005".

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Bank of America Hustle

By Nate Raymond

NEW YORK | Mon Sep 23, 2013 2:45pm EDT

"(Reuters) - Bank of America Corp heads to trial this week over allegations its Countrywide unit approved deficient home loans in a process called "Hustle," defrauding Fannie Mae and Freddie Mac, the U.S. government enterprises that underwrite mortgages.

In what would be the government's first financial crisis case to go to trial against a major bank over defective mortgages, jury selection is set to begin in federal court in New York on Tuesday, barring a last-minute settlement.

The trial is also a reminder of the billions of dollars in legal liabilities Bank of America has incurred as a result of its 2008 acquisition of Countrywide Financial Corp, which became a poster child of the mortgage meltdown.

The U.S. Justice Department filed the civil lawsuit in 2012, blaming the bank for more than $1 billion in losses to Fannie Mae and Freddie Mac, which bought mortgages that later defaulted. Since then, new evidence and pre-trial rulings by U.S. District Judge Jed Rakoff have pared the case back."

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Bank of America Continues to Pays Big

This year alone Bank of America has taken major hits. Consumer lawsuits the Big Bank was ordered to pay. Hit with multi million dollar discrimination law suits among others.

"  By Dena Aubin    ROBO CALL HARASSMENT 

NEW YORK, Sept 30 (Reuters) - Bank of America has agreed to pay $32 million to settle charges that it made harassing debt collection calls to customers' cell phones, in what is believed to be the largest cash payout ever under a 1991 law meant to protect consumers from unwanted calls.

The settlement will resolve multiple proposed class action lawsuits filed on behalf of 7.7 million of the bank's credit card and mortgage loan customers, according to court documents."