By Jonathan Stempel, Reuters
The U.S. government urged a California appeals court to block a ruling requiring Bank of America Corp. to pay $284.4 million to customers who claimed the bank illegally raided their Social Security benefits to collect fees.
The class action case involves allegations that the No. 2 U.S. bank from 1994 to 2003 dipped into Social Security direct deposit accounts to collect fees for overdrafts and other debts. The bank’s ultimate liability might top $1 billion.
For this complete story, please visit US Gov’t Backs Bank of America Appeal on Fees.
