Bank of America branch in Baltimore, Maryland. Photo: Diego M. Radzinschi/ALM US Supreme Court Reverses 2nd Circuit's Invalidation of NY Escrow Law
In a unanimous decision, the U.S. Supreme Court revived a class action against Bank of America over its alleged failure to pay interest on mortgage escrow accounts.
May 30, 2024 at 05:01 PM
2 minute read
What You Need to Know
- The Supreme Court found the 2nd Circuit applied the wrong standard in determining a state escrow interest law is preempted by federal law.
- Justice Brett Kavanaugh delivered the opinion for the unanimous court.
- The decision vacates the appeals court judgment and remands the case for further proceedings.
The U.S. Supreme Court delivered a partial victory to New York borrowers on Thursday, finding that a federal appeals court applied the wrong analysis when it struck down a state law requiring banks to pay interest on escrow accounts.
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