Bank of America to pay $3m to settle homeowners' insurance lawsuit

Bank of America is to pay $3m to settle a lawsuit accusing the bank of improperly holding back insurance payments from homeowners who needed them for house repairs or reduce outstanding mortgage payments.

By Kurt Orzeck (February 9, 2016, 10:38 PM EST) -- An Oklahoma federal judge on Tuesday approved Bank of America NA's proposed agreement to pay $3 million to settle a putative class action accusing the bank of improperly holding back insurance payments from homeowners who needed them for property repairs....

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