July 24, 2018 / 12:27 AM / 5 months ago

Bank of America sued over mortgage escrow account interest

Bank of America, the second-largest U.S. bank by assets, has been hit with a proposed class action in Brooklyn federal court accusing it of violating New York state law by failing to pay interest on mortgage escrow accounts.

Filed on Friday, the lawsuit said money sitting in an escrow account is the property of the borrower, who is entitled to interest, but the bank uses the money to generate income for itself.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2LLoytc

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