Bank of America Request for Legal Fee Credit Raises Ethical Questions

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Bank of America Request for Legal Fee Credit Raises Ethical Questions

Bank of America Request for Legal Fee Credit Raises Ethical Questions

Isn’t this what some document mill does with the referrals it provides to it’s foreclosure mills? Doesn’t it also create the documents for them to execute?

Kickbacks!

Law-

The Bank of America Corporation (BAC) is asking certain of its select outside law firms to give it a credit on its annual legal fees, based on the amount of customer business—such as loans—sent to the law firms. Some experts say that practice is highly unusual and ethically suspect.

A form prepared by Bank of America and given to preferred provider law firms calls for a one-year deal between the bank and the firm. It states that the law firm “will give BAC a credit equal to $_____ [blank] to be applied toward bank paid legal services provided to GBAM [global banking and markets division] during the one-year arrangement period.”

The credit is on top of other discounts the bank already receives from its preferred providers.

[LAW.COM]

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