March 3, 2018 / 12:51 AM / a year ago

9th Circuit revives lawsuit over Bank of America escrow practices

California resident Donald Lusnak can proceed with a proposed class action against Bank of America for its failure to pay interest on mortgage escrow accounts, a federal appeals court has ruled.

In a unanimous decision on Friday, a three-judge panel of the 9th U.S. Circuit Court of Appeals rejected the bank’s argument that a California law requiring banks to pay 2 percent interest on escrow accounts is blocked by the National Bank Act (NBA) and reversed a district court’s dismissal of the case.

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