Bank of America agrees to pay $783mln in fines, refundsApril 10, 2014 - 15:54 AMT PanARMENIAN.Net - Bank of America has agreed to pay $783mln in fines and refunds to settle accusations it misled customers about its credit card services, according to BBC News. The bank will refund $738mln to affected customers and pay $45mln in penalties to U.S. regulators. The payout relates to the bank's sales and marketing of its payment and identity theft protection add-on services from 2010 to 2012. Regulators said nearly three million customers were affected. The U.S. Consumer Financial Protection Bureau said in a statement that the bank had been "unfairly billing consumers" for the identity theft protection product, and "using deceptive marketing and sales practices" for the credit protection add-ons. Bank of America neither admitted nor denied the allegations. Instead, it said in a statement that it had stopped marketing identity theft protection products in Dec 2011 and credit card debt cancellation products in August 2012. The settlement comes weeks after Bank of America agreed to pay $9.5bn to settle charges it misled U.S. mortgage lenders Fannie Mae and Freddie Mac before the housing crisis in 2008. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |