Wednesday, October 5, 2022 | Back issues
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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.

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