A lawsuit has been filed and is seeking class action status against the bank for improperly renewing certificate of deposit or time deposit accounts at below market rates. The lawsuit was filed in Manhattan Federal Court and claims Bank of America misled affluent clients by renewing matured CDs at well below market rates.
The lawsuit claims the bank engaged in an egregious misleading and deceptive practice designed to take advantage of its own Premier and Plus customers who rely on their purported special and trusted fiduciary relationships with the bank. The lawsuit, which alleges deceptive practices, breach of fiduciary duties, and breach of contract, was filed on behalf of similarly situated Premier and Plus banking clients.
