Lawsuit Claims Bank of America's Credit Card Interest Calculation Has Led to Rate Hikes
This suit was surfaced by Law.com Radar. Read the complaint here.
July 28, 2023 at 02:07 PM
1 minute read
Bank of America was hit with a consumer class action on Wednesday in California Northern District Court. The suit, brought by Hagens Berman Sobol Shapiro and Smith & Lowney, accuses the bank of adopting a new method of calculating credit card interest which has led to at least ten variable rate hikes since Mar. 2022. According to the complaint, the defendant adopted the proprietary rate changes without giving cardholders adequate notice under the Truth in Lending Act. American Express was hit with a nearly identical lawsuit on Wednesday. Counsel have not yet appeared for the defendant. The case is 3:23-cv-03709, Milliken v. Bank of America N.A.
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