Report: #1272220

Complaint Review: Bank of America, NA

  • Submitted: Sat, December 05, 2015
  • Updated: Sat, December 05, 2015
  • Reported By: Rick — Chicago Illinois USA
  • Bank of America, NA

    Nationwide
    USA

Show customers why they should trust your business over your competitors...

In 2009 Bank of America Illegally added an expiration date to at least 4,230 former LaSalle Bank Small Business Express Lines of Credit. LaSalleBank was bought out by B of A in 2008.  It is still being determined if this was being done on 100K plus additional small business loans of non-Lasalle origin. B of A has admitted in court that this was "intentionally undertaken" but has been using delaying tactics to drag this out.
These loans were originally written as revolving lines of credit with NO expiration date (similar to credit cards where someone can borrow up to a certain amount and pays down the loan with at least minimum payments and can then borrow again as needed).  
I am currently the only "class representative" in this lawsuit against B of A and am initially looking for similar small business loan customers (LaSalle or Non-LaSalle) to join as class representatives in this lawsuit. My lawyers are on "contingency", so your participation involves no financial outlay.  Without additional "class representatives", the class action portion of this case could be dismissed if something happens to me. I am 61 years old and have been involved in this suit since May, 2010.
If you had a similar revolving line of credit with B of A and was told this loan has an expiration date (or know someone) please e-mail me at cdi.drapery@gmail.com and I can have my lawyer contact you.      

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This report was posted on Ripoff Report on 12/05/2015 08:26 AM and is a permanent record located here: http://www.ripoffreport.com/reports/bank-of-america-na/nationwide/bank-of-america-na-added-illegal-expiration-dates-to-revolving-lines-of-cresit-small-bus-1272220. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
2Author
4Consumer
0Employee/Owner

#1 Consumer Comment

EXPOSURE IS A CORPORATION'S WORST FEAR...

AUTHOR: Karl - (USA)

can be typed in at this site. Just type in: EXPOSURE IS A CORPORATION'S WORST FEAR, and read the related Ripoff Reports for important information. Thank you.

POWER TO THE PEOPLE

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#2 Consumer Comment

It is clear now..

AUTHOR: Robert - (USA)

Since you have access to the court cases (and you are probaly a lawyer), but you don't want to take the time to look up all the info. especially the appeal, I assume you have an agenda.


Sorry, wrong on several counts.  First of all the "access" I have is the access ANY member of the public has.  You know this little thing called the Internet makes finding public information pretty simple.   As anyone can go to the Cook County Courts and enter in your case number to see the same information I found.

http://www.cookcountyclerkofcourt.org/?section=CASEINFOPage&CASEINFOPage=2400

Next, again sorry I am not a lawyer.  Where I am not going to spend my time trying to look at 5 years of preceedings.  But then again I am not the one who is making a claim of a RipOff.  As for an agenda..again you know what happens when you assume.  So if you won't be satisfied until you have one let me just say that my "agenda" is trying to find out what the full story is, because several things in your original post did not really match up.


Their refussal to honor my LaSalle Bank line of credit at the height of the recession caused me to go out of business and put my 19 employees out of work

- And there we have it.  As I thought in the beginning, some how you seem to be under the impression that a bank is obligated to allow you to continue to borrow their money until the end of time.  By the way since you linked them to a Credit Card, you do know that a Credit Card company has the right(per the terms) of the agreement that they can reduce the line of credit or close out the account at any time and for any reason.  There is no law I have ever seen or heard of that says once you have a line of credit that the bank must continue to allow you to use it forever. 


Now, of course if you know of some law, then post the specific law you are claiming gives you that right.  Or if the original agreement with the bank said that it was your credit line forever, you may have a case.  But I would be willing to bet that you have neither.


All of B of A's charges against me are now dropped due to my winning the appeal and the judge vacating his previous summary judgement last week when he was reversed by the Appellate Court LAST MAY. Ain't the legal system just grand!

- Which is it?  You don't get the "charges" dropped by having a ruling reversed.  You had a Summary Judgement against you, the judge felt cause to get it vacated...good for you.  But in most cases just having it reversed does not mean that they can't come after you again.  It just means that when they do you are given a chance to defend yourself.


 I wouldn't be seeking "class representatives", we would already have the names of all victims of this fraud.

- And there is the problem. In your initial report as I stated you left every impression you ALREADY had "Class" status.  So how in the world can anyone believe anything else you say after that? 

It isn't the courts keeping you from this information.  It isn't even the bank.  There is nothing keeping your lawyer(or you) from doing the same type of searches I did to find any other cases where B of A sued.  That doesn't work?  Then perhaps a few well placed ads in local business publications.  I bet even a few hours of a Private Detective could give you a list of names.  I find it very hard that you had to resort to this type of site to try and hope to find someone.  Because, it is really looking like the only one who has a problem with what they did may be you.


Look, I get it.  You lost your business and that is very unfortunate.  But it appears you have decided to blame this one bank for them not allowing you to borrow more money as the reason your business failed.  That is even more unfortunate.  Because I have a feeling that the issues you have toward the bank is keeping you from moving on, I could be wrong and am sure you would deny it.  But from the outside..this is what it looks like.  But since you stuck with it this long I seriously doubt that you will end it anytime soon.  So good luck but you may need to start coming to the reality that you may not prevail in the end.

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#3 Author of original report

Who are you

AUTHOR: - ()

Robert.

Since you have access to the court cases (and you are probaly a lawyer), but you don't want to take the time to look up all the info. especially the appeal, I assume you have an agenda.

Yes, B of A sued me. Their refussal to honor my LaSalle Bank line of credit at the height of the recession caused me to go out of business and put my 19 employees out of work. I didn't have the money to hire a lawyer and B of A sued me. All of B of A's charges against me are now dropped due to my winning the appeal and the judge vacating his previous summary judgement last week when he was reversed by the Appellate Court LAST MAY. Ain't the legal system just grand! 

The only charges standing are the ones against B of A.  Yes, if B of A would give us any of the discovery they have been ordered to produce since early 2011 and the 3rd lower court judge on this case hadn't delayed this production for the last 2 1/2 years, I wouldn't be seeking "class representatives", we would already have the names of all victims of this fraud.

I hope anyone reading this and was a victim of this scheme will contact me at cdi.drapery@gmail.com. I'm not hiding anything and will direct them to my lawyer and the class action law firm who is now a part of this suit. Look at the latest proceedings to see their name on the court documents.

You have my email, but you want to show your "legal prowess" by your responses. If you feel helping B of A against me is a noble task, write what you want, since YOU can do this annonimously  - I just won't respond.

 

 

 

 

 

 

 

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#4 Consumer Comment

Actually looks like I am right on target...

AUTHOR: Robert - (USA)

In your original report you left every impression that you are involved in a Class Action Lawsuit.  Now, that as I mentioned was very odd because you are only a single person.   So, yes with the update we find out more of the truth or to put it a different way...well let's just say you have been less than truthful.

First there is a lot more to this suit than you let on.  The biggest thing is that in fact it is not a "Class Action Lawsuit" because it hasn't been certified yet.  So contrary to your initial report where it says you may loose this status, you don't even have the status to loose.  

Next, the original suit was actually YOU being sued for over 35K.  Funny how you left that little bit of information out.  Now, yes it does appear that over time you did file a Counter Suit.  So your biggest worry right now is not trying to find members of a class, it is you trying to make sure that you don't loose the case being brought against you.  Now, I wasn't going to spend time to decipher or look up 5 years of case history.  So why not come out with the full truth about what the real and current situation is?

Now, this is important for another reason in term of your "Class Action".  You see you were originally sued.  So if your claim is that others have been "harmed" the same way as you, logic says that there must be over 4000 lawsuits filed by BofA against every other client...right?  Yet, in doing a quick search couldn't find any.  Where I am also wondering how come your attorney didn't locate any others either to join your suit?

I will say one other thing as to your attorney.  You left the impression again that they aren't charging you a single dime for representing you.  If this was a true Class Action Lawsuit I could see that(after all it is the attornies who you can see make most of the money in these).  But I have never heard of a contingency basis for representing a defendent...so while there is a first time for everything I bet there is more to this as well. 

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#5 Author of original report

Your Wrong Robert

AUTHOR: - ()

The class has not yet been certified due to 3 different lower court judges on this case and an appeal I won. In 5 1/2 years I haven't received any of the discovery the 1st two judges said B of A should produce about all similar loans 6 months before and after my initial loan date. This 3rd judge finally told us this week that we could again start the discovery for this after he was reversed by the Appellate Court.

Lower court is Circuit Court of Cook County (Chicago), Law Division Case #10 L 005970. The appeal was with The Appellate Court of Illinois, First Judicial District, Docket #1-14-2772.

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#6 Consumer Comment

Something is not right...

AUTHOR: Robert - (USA)

First of all in order to get a "Class" status on a lawsuit you must first file a suit and show the courts it affects a group of people.   So it seems very odd that you are now just looking for other affected members, and haven't been able to locate even a single one in 5 plus years when you say that there are over 4,000 people.

So do you even have a suit filed.  If so what is the Court and Case Number?

As for this "expiration date".  Exactly what do you mean, and what specifically makes it illegal?   Are you saying that this line of credit is something you have a right to use until the end of time? 

 

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