Salma Aghmane was a Bank of America customer who in 2021 became the first Bank of America lawsuit recipient to win her lawsuit. Ms. Aghmanne’s story is representative of what many others have gone through at Bank of America. She was a quality customer with strong credit and no complaint. Unfortunately, she became very ill and suffered a stroke that impaired her ability to communicate. She later developed dementia and lost the ability to perform even basic activities.
Ms. Aghmanne pursued her lawsuit against Bank of America with the assistance of an attorney. Despite having the option to settle her lawsuit for pennies on the dollar, she elected to fight back and seek compensation for the loss of her ability to work. The San Francisco jury eventually rendered a verdict in Ms. Aghmanne’s favor, awarding her a $1.75 million dollar default judgment. Ms. Aghmanne’s case was ultimately ruled in favor by the court. However, Bank of America refused to pay her a dime and as a result, her lawsuit went unresolved.
Bank of America is one of the nation’s largest financial services providers. Due to its vast business network and vast wealth, the bank was able to funnel tens of billions of dollars in bonuses and benefits to its stockholders. This allowed Bank of America to purchase poor performing commercial mortgage financial products from entities in countries like Argentina, Spain, India, and Portugal. As a result, these countries’ creditworthiness was compromised and Bank of America was never able to obtain a refinancing program from commercial lenders. As a result of this refusal to meet their legal obligations to assist their customers, many people who sought loans from Bank of America were subjected to aggressive marketing and settlement schemes.
A Bank of America lawsuit plaintiff named Paul J. Smith sued Bank of America for charging him an excessive overdraft fee on his checking account. Mr. Smith was a regular customer at Bank of America and paid his bills on time. However, in March 2021, he was a victim of an overdraft fee scam. According to court documents Mr. Smith was instructed to close his checking account and to cover his bill by taking out a blank checking account. He was further instructed that he would be liable for the “penalty” if he did not close his account within a sixty day period.
Bank of America has been involved in numerous financial services lawsuits over the past couple of years. Most of these suits have centered around the bank’s refusal to pay medical bills and credit card bills that were accruing due to missed payments. Most of these lawsuits have been resolved without reaching a trial and have left Bank of America with significant financial losses.
One lawsuit involved a seventy thousand dollar default judgment against the bank for refusing to pay a customer’s bill. The bank was also sued for withholding the debt from the customer’s wages. This suit was eventually resolved without any court proceedings. Bank of America was ordered to pay the debt in full. This is just one of the Bank of America lawsuits that have been resolved without the need for a trial.