Law360, Los Angeles (February 1, 2016, 8:10 PM EST) -- Bank of America NA has agreed to pay $6.2 million to settle mortgagers’ proposed class actions accusing the bank of systematically failing to timely present mortgage satisfaction notices, according to a Friday filing in New York federal court.The mortgagers’ attorneys asked the court to preliminarily approve the settlement, in which approximately 17,000 class members who allegedly received late lien releases for residential mortgages would receive between $180 and $780.The complaints accused the bank, which held mortgages for tens of thousands of homes in New York, of failing to timely present to the county clerks of the state of New... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Bank of America is to pay $ 100 m to settle a class action which had accused the bank of failing to timely present mortgage satisfaction reports ; the settlement has been preliminarily approved .