Case Details for "Bank of America Corp"

Bank of America Corp. Settles Data Theft Class Action

Settling the biggest reported case of data theft by a financial insider, Bank of America Corp. will provide free credit monitoring, identity theft insurance and reimbursement for losses to as many as 17 million consumers who dealt with its Countrywide Financial mortgage unit.

The accord settles more than 30 lawsuits, including nationwide class actions, filed after the August 2008 arrest of Rene L. Rebollo Jr. of Pasadena, who worked for Countrywide's subprime division, Full Spectrum Lending. Federal authorities said at the time that he downloaded customer files, including Social Security numbers, from the company's computers onto thumb drives and sold the information to employees of other mortgage lenders for use as sales leads.

Under the terms of the settlement, those customers and roughly 15 million additional Countrywide borrowers and mortgage applicants will be offered credit monitoring, identity theft insurance and reimbursement for losses of up to $50,000.

Claims may be made by anyone who provided private information to Countrywide before July 1, 2008, or who had a mortgage that was serviced by the firm before that date.

The Countrywide incident is one of 34 publicly reported data breaches since 2005 involving insiders at financial institutions, according to the Privacy Rights Clearinghouse in San Diego.

The largest previously reported case, involving information about 8.5 million customers of a Fidelity National Information Services subsidiary, occurred in July 2007.

Posted on:2010-08-25
Company: Bank of America Corp
Class: anyone who provided private information to Countrywide before July 1, 2008, or who had a mortgage that was serviced by the firm before that date
Scope: Nationwide
Type of Case: Consumer
Settlement Administrator:

Details are available at www.CWdataclaims.com or by calling (866) 940-3612. The earliest date that claims can be filed is Sept. 7.

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