Customers who believe that they have been improperly sued by Bank of America (BoA) have filed a class action lawsuit against the financial institution. The suit alleges that BoA sued customers for unpaid credit card debt on debts that were securitized. These debts were sold, assigned, or transferred to a trust via credit card securitization, a financial move that resulted in BoA relinquishing its debt obligation.
Willard v. Bank of America, et. al was brought by G. Veronica Willard and was filed on March 15 in Pennsylvania’s Eastern District. The case alleges that BoA violated the Pennsylvania Fair Credit Extension Uniformity Act and the Fair Debt Collection Practices Act. It requests BoA pay punitive, actual, treble, and statutory damages along with injunctive and declaratory relief, attorney’s fees, the costs of suits, and other relief.
The complaint also outlines how BoA “sold” accounts from BoA proper to the Bank of America Consumer Credit Services, then to Bank of America Funding LLC, and, finally, to the Wilmington Trust Company. The trust company then wrote bonds that were placed into a number of tranches. BoA Consumer Credit Services continued to bill consumers and accept payments. BoA itself, however, had transferred all rights to the debt to the Wilmington Trust Company, so its entities no longer had the right to bill consumers or take any money from them for debts incurred using the credit cards.
The plaintiff’s attorneys are seeking to have the case certified as a class action.
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