`Hero’ Judge Urged by Couple to Nix $45 Million Bank of America Penalty. (Bloomberg) — A California couple who were dragged through a Bank of America Corp. foreclosure called “brazen” and “heartless” by a bankruptcy judge have joined the lender’s request to be spared from a $45 million punishment.
U.S. Bankruptcy Judge Christopher Klein in Sacramento, hailed as a “hero judge” by Money magazine for coming down so hard on the bank, must now decide whether to approve a settlement that would rescind both the penalty and the scathing 107-page decision that accompanied it in March.
While Klein said the size of the punitive damages award against Bank of America was meant to “not be laughed off in the boardroom,” the couple who endured what the judge described as a “Kafkaesque nightmare” say the deal they’ve struck will leave them better off and avoid years more litigation and appeals.
The terms of the settlement are confidential, which is a concern for a group of nonprofit consumer advocacy groups and five University of California law schools that were slated to receive $40 million in the award the judge issued in March. The couple, Erik and Renee Sundquist, stood to collect $5 million in punitive damages, plus about $1 million for their losses, including for emotional distress and their costs of suing Bank of America.
The nonprofits aren’t opposing the settlement outright, but they’ve recommended that its terms be made public, in part to see if it includes any acknowledgment of wrongdoing by the bank and a commitment to avoid similar misconduct. The groups also urged the judge not to vacate his March 23 opinion that faulted Bank of America for “institutional obstinance and dishonesty” and said its actions smacked of “cynical disregard for the law.”
“In the calculus of reprehensibility, Bank of America’s intentional conduct adds up to reckless and callous disregard for the rights of others,” Klein wrote.
The bank asked the judge to respect that it reached a private resolution with the Sundquists and to keep the settlement’s terms secret.
“Disclosure of the settlement is unnecessary to establish that it would benefit the parties, conserve judicial resources” and encourage compromise, the company said in a filing Friday.
At a hearing Tuesday, lawyers for the bank and the couple got permission from the judge to return to court Oct. 4 after they discuss further whether to revise the settlement.
BofA Hit With $45 Million Award Over ‘Reckless’ Foreclosure
The Sundquists said in their Aug. 15 request to have the judgment thrown out and their lawsuit dismissed that it’s the only viable path for them to a meaningful recovery. The settlement will provide them with more money than the $6 million the judge awarded them, they said.
“It allows us to put an end to this nightmare that has permeated every aspect of our lives and that of our sons’ lives for so long,” Erik Sundquist said in a court filing. “I cannot even begin to articulate how important it is to me as a husband and a father to end this phase of our life and go forward.”
If you are in foreclosure or you have lost your home to foreclosure and you want to sue for mortgage fraud or foreclosure fraud, FRAUD STOPPERS PMA can help you save time and money, and increase your odds of success, with a court ready Quiet Title or Wrongful Foreclosure lawsuit package. If you have received a Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) and you want to know how to respond to the Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) call FRAUD STOPPERS PMA today because our prove system can help you fight to save your home from foreclosure fraud and/or mortgage fraud. Our court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Packages includes a turnkey complaint (petition for damages), Bloomberg Securitization Audit, Expert Witness Affidavit, Application for Temporary Restraining Order (to stop a foreclosure sale or stop an eviction), Lis Pendens (to cloud the marketability of the title to the real property), and Pro Se education material that can show you how to win a Quiet Title Lawsuit or win a Wrongful Foreclosure Lawsuit. This entire court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Package can help you save thousands of dollars in legal fees and help you increase your odds of success. For payment options or more information on this court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Package please contact FRAUD STOPPERS PMA today at 844.372.8378 or open a case file for a Free Mortgage Fraud Analysis and Bloomberg Securitization Search to see if your current mortgage loan situation qualifies for a Quiet Title or Wrongful Foreclosure lawsuit today. Take action right now and get the FACTS and HELP that you need to gain the legal remedy that the law entitles you to, and that you deserve!
REGISTER FOR A FREE MORTGAGE FRAUD ANALYSIS AND BLOOMBERG SECURITIZATION SEARCH
Remember to choose the person who referred you from the advocate or referral source.
Or choose FRAUD STOPPERS as the advocate or referral source if no one referred you.
For information on foreclosure defense call us at 573-292-1280. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.
Feel free to connect with us . . .
Address: Birch Tree MO 65438 Phone: 573-292-1280 Email: Info@FraudStoppers.org
DISCLOSURE: NOTICE OF Copyright © 2017 FRAUD STOPPERS, FRAUD STOPPERS PMA. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Legal Information is NOT Legal Advice: This site provides “information” that is only designed to help users safely cope with their own general legal needs. Legal information is NOT the same as legal advice — the application of law to an individual’s specific circumstances. FRAUD STOPPERS is a National Private Members Association (PMA). PLEASE TAKE NOTICE OF THE FOLLOWING MARS Disclosure[s] 12 C.F.R. 1015.: (1) FRAUD STOPPERS PMA is NOT Affiliated with any Government Agency or Any Bank Lender; (2) Even if YOU Accept any of FRAUD STOPPERS PMA Products or Services Your Lender May Choose to NOT Change Your Loan. FRAUD STOPPERS products and services are only available to Active Members of the FRAUD STOPPERS PRIVATE MEMBERS ASSOCIATION. To join FRAUD STOPPERS PMA click here: https://www.fraudstoppers.org/members-only/