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-Khang & Khang files suit against Bank of America Corp.

Global Banking News-July 19, 2011--Khang & Khang files suit against Bank of America Corp(C)2011 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 19 July 2011

Khang & Khang LLP has announced that it has filed a suit against Bank of America Corp (NYSE: BAC).

The suit was related to the bank's Credit Protection Plus service (CPP). It has been alleged that the bank was indulging in deceptive trade practices through the programme that allows credit card customers of the bank to defer repayments under certain circumstances.

The service charges 1 per cent of customers' credit balance. However it has been alleged that the bank often enrolled customers to the plan without their consent, and without first determining whether the consumer was qualified to receive benefits under the plan.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Jul 19, 2011
Words:150
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