Law360, New York (February 12, 2016, 5:56 PM EST) -- Bank of America NA has intentionally and systematically failed to release mortgage liens filed against its borrowers’ property, even when the borrowers repaid everything they owed, creating a “continuing cloud” on affected property titles, according to a putative class action filed Friday in Illinois federal court.Chicago Title Land Trust Co. claims Bank of America did not release its liens on some of the apartments in this Chicago building, even after repayment. Chicago Title Land Trust Co., which filed the suit, holds the title to some apartments in a residential building in the Near North Side neighborhood of Chicago and says... 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 has been accused of intentionally and systematically failing to release mortgage liens filed against its borrowers' property, despite the borrowers repaying all that they owed, thereby creating a "continuing cloud" on affected property titles, claims Chicago Title Land Trust in a class action filed on February 12, 2016 in a US court.