Bank of America Hit With Privacy Class Suit Over Fake Accounts

Bank of America NA opened financial accounts for customers by using their personal information without their consent as part of a fee-generating scheme that lasted more than a decade, a proposed federal class action said.

David Conaway alleged that the bank encouraged its employees to engage in unfair, deceptive, and illegal practices to maximize its performance and profits, allowing it to report higher “account holder metrics” and create a “false sense of business growth and earnings.”

Bank of America set the scheme in motion by imposing unrealistic sales goals on its salespeople, who responded by submitting applications for bank products ...