March 20, 2024. In the consolidated class action lawsuit filed against Bank of America (BoA) regarding their practice of unauthorized account opening, the Court approved a motion to appoint Co-Lead Interim Class Counsel. The Court appointed TZ Partner Hassan Zavareei, along with Abou B. Amara, Jr. of Gustafson Gluek PLLC and Lesley E. Weaver of Bleichmar Fonti & Auld LLP as Co-Lead Interim Class Counsel. Gary W. Jackson of the Law Offices of James Scott Farrin will serve as Interim Liaison Counsel.
This case brings to light the allegations that BoA, the nation’s second-largest bank, engaged in the unauthorized opening of accounts for its customers without their consent or knowledge. The practice is alleged to have occurred from January 1, 2012, through December 31, 2022, affecting countless BoA customers across the United States. According to the complaint, these unauthorized accounts not only resulted in unwarranted fees and penalties but also had far-reaching consequences on consumers’ financial health and privacy.
The Consumer Financial Protection Bureau (CFPB) imposed significant fines and penalties on BoA in July 2023, citing the bank’s practices were motivated by sales targets and the pursuit of incentive awards. The unauthorized account openings and the subsequent charges levied on unsuspecting customers underscore a systemic issue aimed to bolster the bank’s profits at the expense of consumer trust and financial stability.
This consolidated class action seeks to obtain damages and restitution on behalf of the class under several federal and state consumer protection statutes.
The case is In Re: Bank of America Unauthorized Account Opening Litigation, Case No.: 3:23-cv-422-MOC-DCK in the United States District Court for the Western District of North Carolina, Charlotte Division.