Proposed Settlement For BoA Selling Your Private Information: $200 Off Your Next Mortgage!

The proposed settlement for a class action lawsuit against Bank of America that would affect everyone who has ever had a checking or savings account with them since 1995 is pathetic. In return for selling your private information without your knowledge, and depending on your account, you can get: $200 off your next mortgage with Bank of America! OR…

• Fees waived for deposited items getting returned!
• Fees returned for calling customer service!
• 12 months free subscription to a credit card protection service (a $30 value)!
• 90 free days of Privacy Assist Identity Theft Protection Service (a $17.85 value)!

Also, BoA will donate $3.25 million to “promote privacy-related projects.”

Kenley, a reader who’s been following the case, writes, “First they will turn a profit on every settlement voucher they redeem. Second, and maybe more important, they guarantee that almost nobody in America can sue them for past violations of privacy law. For this peace of mind, they are paying the victims practically nothing and the class attorneys up to $4 million. “

Instructions for objecting to the settlement are as follows:

If you’re a Class Member, you can object to the settlement if you don’t think any part of the settlement is fair, reasonable or adequate. You can give reasons why you think the Court should not approve it. The Court will consider your views. To object, you must send a letter stating that you object to the settlement. Be sure to include (1) the name of this lawsuit, Consumer Privacy Cases, J.C.C.P. No. 4211; (2) your full name, current address and telephone number; (3) the reasons you object to the settlement; (4) proof that at any time between September 9, 1995 and May 31, 2007, you had (a) a Bank of America non-business checking or savings account, (b) a non-business loan with Bank of America secured by residential real estate, or (c) a Bank of America consumer credit card and had a California mailing address for purposes of communicating with Bank of America, and (5) your signature. Mail the objection to these three different places so that they are received no later than August 15, 2007:

COURT
Clerk of the Court
San Francisco Superior Court
400 McAllister St
San Francisco, CA 94102

CLASS COUNSEL
Bonny Sweeney
Lerach Coughlin, LLP
655 W. Broadway
Suite 1900
San Diego, CA 92101

DEFENSE COUNSEL
Arne Wagner
Calvo & Clark, LLP
1 Lombard Street
2nd Floor
San Francisco, CA 94111

The Judge is Hon. Richard A. Kramer, (415) 551-3729

More information on the suit along with official documents at BankPrivacyCase.com.

(Photo: sour.patch)