Wallace v. Bank of America, N.A.

On May 24, 2012, Plaintiff Edward M. Wallace filed a class action complaint in the United States District Court for the District of Oregon alleging that Bank of America unlawfully engaged in a pattern and practice of forcing Plaintiff and class members in connection with their home-equity lines of credit (HELOCs) to purchase and/or maintain flood insurance in excess of the amounts required by federal law and regulations, in amounts greater than Defendant’s interest in the property, and contrary to the amounts agreed upon in the relevant loan documents.  Among other things, the complaint alleges that Bank of America unlawfully profited from this scheme.

If your bank is requiring you to have more flood insurance than you were previously required to maintain, or if the bank has force-placed flood insurance on your property, we would be interested in discussing this with you.  Call (617) 439-3939 or 1-800-287-8119, or click here to contact us through our website.