SAN FRANCISCO (CN) - A federal judge approved the settlement of a class action that claimed Bank of America didn't give its loan officers accurate wage statements.
A group of loan officers sued Bank of America in 2010, claiming the bank gave them inaccurate wage statements in violation of California law.
While U.S. District Judge Jon Tigar gave preliminary approval to the settlement in late 2014, at a fairness hearing earlier this year he critiqued the parties' proposed plan for providing notice to the class. The parties have since cleared that hurdle, Tigar said.
"The parties have shown that the class administrator has fulfilled the notice plan by correctly preparing the class list, mailing notice to class members via first class mail, and performing address traces to re-mail the notice to class members whose mail was returned undeliverable," he wrote in a 21-page order.
He added: "Plaintiffs acknowledge that, if the settlement is not approved, they will encounter significant obstacles in establishing their claims, given the uncertainties surrounding class certification and their ability to prove defendant's intent to violate the California Labor Code, which is required to obtain large penalties under the code."
The total settlement fund is $3,600,000, less $900,000 for attorneys' fees and costs, $100,000 for administrative costs, $10,000 for individual incentive awards for both named plaintiffs and $15,000 for penalties paid to the California Labor and Workforce Development Agency.
Neither Bank of America attorney Maria Audero nor lead plaintiff's attorney Peter Hart could immediately be reached for comment.
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