Tue Aug 21, 2012 6:25pm EDT
(Reuters) – Bank of America Corp will stop selling credit protection services which were the subject of a class action suit in which customers alleged they were charged without their permis
sion and enrolled through deceptive practices.
A $20 million settlement of the lawsuit received preliminary court approval last month but still needs final approval.
A bank spokeswoman on Tuesday confirmed Bank of
America’s decision to end the services. The bank denied any wrongdoing in the settlement.
For a monthly fee, the services canceled customers’ minimum monthly credit card payments if they lost a job, were hospitalized or faced other significant life events.
The lawsuit also alleged that customers didn’t get their money’s worth.
Courtesy of http://www.reuters.com