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BofA Fails to Win Dismissal of Lawsuit

December 06, 2001|Bloomberg News

Bank of America Corp. lost its bid for dismissal of a lawsuit accusing the third-largest U.S. bank of obtaining thousands of credit reports without the permission or knowledge of consumers, an attorney for the plaintiffs said.

U.S. District Judge Marvin Garbis rejected Bank of America's motion to throw out the suit, which seeks $81 million in damages on behalf of 25 plaintiffs who claim the bank violated the Fair Credit Reporting Act by obtaining their credit reports without permission.

Shares of Charlotte, N.C.-based Bank of America fell 24 cents to close at $62.10 on the New York Stock Exchange. The suit, filed in February in federal court in Baltimore, may go to trial as soon as next summer.

Bank of America officials didn't immediately return a call seeking comment.

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