Arnett v. Bank of America
Berger & Montague was Co-Lead Class Counsel in a nationwide class action settlement in the United States District Court for the District of Oregon. The action alleged that Bank of America, N.A. schemed to require certain borrowers to (1) purchase flood insurance at inflated cost due to the bank’s conduct, and (2) purchase flood insurance coverage in excess of the amount required by their mortgage contract or federal law. The parties reached a settlement that created a $31 million common fund to benefit borrowers in the settlement class.
On September 18, 2014, the Court granted final approval of the settlement in this matter. The following documents are available for download:
Berger & Montague’s Predatory Lending and Borrowers’ Rights group vigorously represents homeowners against major banks. To find out about investigations, as well as pending and settled cases, please visit our Predatory Lending and Borrowers’ Rights page.