A recent settlement agreement reached by Bank of America aims to address claims related to fee charges on accounts protected under New York’s Exempt Income Protection Act (EIPA). The $2.85 million payout targets individuals whose accounts were affected between January 1, 2009, and February 17, 2023. Additionally, the bank has committed to improving its practices in handling exempt funds. Meanwhile, a separate legal matter involving Navvis and SSM Health offers up to $7,000 in compensation due to a health data breach.

The settlement involves allegations that Bank of America improperly calculated protected amounts by aggregating all accounts instead of analyzing each one individually. Furthermore, plaintiffs claim the bank violated EIPA by issuing certified checks rather than keeping funds available in customer accounts. In response, Bank of America has agreed to modify its procedures and provide financial restitution to impacted customers without requiring a claim form submission. Concerning the health data breach, Navvis and SSM Health have settled for $6.5 million despite not admitting any fault.

Settlement Details and Affected Customers

Bank of America's settlement addresses improper fees charged against accounts safeguarded by the Exempt Income Protection Act. The affected period spans from 2009 to early 2023, during which time the bank allegedly combined account totals incorrectly when determining exempt funds. This error led to unnecessary fees being levied on customers who should have been shielded under the law.

Under the terms of the settlement, eligible individuals may receive approximately $35 based on the number of restraint fees they incurred. Payments will vary depending on individual circumstances. Notably, no claim form is required to participate in the settlement benefits; simply staying within the class action group ensures eligibility. Moreover, since August 2017, Bank of America has ceased aggregating judgment debtors' accounts before calculating exempt amounts, thereby enhancing its operational practices. As part of ongoing improvements, since February 2023, the bank now retains exempt funds directly in judgment debtors’ accounts. The deadline for opting out or filing objections is May 19, 2025, with final approval hearings scheduled for June 18, 2025.

Data Breach Compensation Opportunity

In a separate but equally significant development, individuals affected by a major health data breach could be entitled to substantial compensation. This breach occurred in mid-2023 and involved two healthcare providers operating primarily in Illinois, Missouri, Oklahoma, and Wisconsin. Despite neither party acknowledging liability, Navvis and SSM Health have collectively agreed to settle for $6.5 million.

Eligible claimants can apply for compensation reaching up to $7,000 per person as a result of this incident. The settlement provides an opportunity for those impacted by the breach to seek restitution without needing to prove wrongdoing on behalf of the healthcare providers. To take advantage of this offer, interested parties must submit their claims by the deadline of May 26, 2025. This resolution underscores the importance of safeguarding personal information in digital environments while offering tangible support to those affected by such breaches.