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Case ID: 3221 | Miscellaneous | 03/04/2004
The parties have reached a tentative $33 million settlement in a class action filed against Bank of America on behalf of trust beneficiaries who allege that Bank of America failed to add it properly reimburse them after it discovered that its subsidiary Security Pacific had overcharged them. Persons eligible to take part in the settlement should contact the attorneys for the class for more information.
The settlement arises from a ten-year dispute concerning overcharges of trustee fees on “fixed fee” trusts managed by Security Pacific National Bank from 1975 to 1992. Security Pacific, which was merged into Bank of America in 1992, allegedly had overcharged fees for administering approximately 2,600 trusts that set the amount of fees that could be charged. In 1993 and 1994, Bank of America reduced the fees to the fixed fee rate and refunded $24 million in overcharges, plus an additional $18 million in simple interest, for a total refund of $42 million. The trust beneficiaries alleged that Bank of America’s simple interest refunds were inadequate and that the beneficiaries were owed additional compensation. The beneficiaries also alleged that they were entitled to punitive damages for the overcharges and related conduct. In 1996, the District Court ruled following a non-jury trial that no additional compensation was owed, but scheduled a jury trial on the punitive damages relating to Security Pacific’s conduct. Bank of America settled the punitive damages claims and other portions of the case for $36.5 million in the Fall of 2000, but this earlier settlement allowed the beneficiaries to appeal the district court’s ruling that simple interest was an adequate remedy. In May 2002, the court of appeals reversed in part, ruling that the trust beneficiaries were entitled to recover not just simple interest but the profits the trustee banks made with the overcharged fees, and remanded the case back to the district court for a determination of the amount of profits the trustee banks made and the amount, if any, due under the earlier settlement. Following additional proceedings in the district court, the parties—who disagreed as to the amount of the banks’ profits and how to measure them and the additional amount, if any, due under the earlier settlement—agreed to this final settlement of $33 million. The settlement will not be effective until the court grants it final approval. The court has not yet scheduled a hearing on the matter.
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