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Friday, April 26, 2024 | Back issues
Courthouse News Service Courthouse News Service

Interest on escrow

MANHATTAN — The Second Circuit reversed a lower court’s decision affecting two class-action lawsuits against Bank of America, which allegedly should have paid interest on escrow accounts it held for home mortgages. New York rules setting a 2% minimum interest rate on such accounts do not apply because an 1864 federal law preempts the state laws.

Read the ruling here.

Categories / Arts, Briefs, Business, Securities

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