bofa 01Bank of America Protests Judge’s $45 Million Fine In Homeowner Case

 

This is a foxbusiness.com article.

 

Bank of America Corp. asked a bankruptcy judge to reconsider his $45 million fine over its treatment of a California couple who requested lower mortgage payments, calling the amount “unprecedented in its magnitude.”

In court papers, bank officials asked Judge Christopher Klein to amend his 107-page ruling against the bank, arguing that his “excessive” fine amount violates guidance from Supreme Court justices in 2008 meant to prevent outsized awards. The fine, the bank said, stands as the largest punitive damages award for violations of bankruptcy law’s automatic stay rules, which ban lenders from advancing foreclosures and taking other actions.

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