'Hero' Judge Urged by Homeowners to Nix $45 Million BofA Penalty

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‘Hero’ Judge Urged by Homeowners to Nix $45 Million BofA Penalty

‘Hero’ Judge Urged by Homeowners to Nix $45 Million BofA 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.

[BLOOMBERG]

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