Bank of America Corp. has agreed to pay more than $6 million to a California couple whom a federal judge said had been harassed and illegally foreclosed upon by the bank’s mortgage unit, ending an eight-year-long dispute.
The proposed settlement between the bank and Erik and Renee Sundquist would enable them “to end a long personal and legal nightmare that has impacted every facet of their and their sons’ lives,” according to court papers the couple filed to request that their 2014 lawsuit against the bank be dropped.
The deal calls for Bank of America to pay a fraction of the fine of more than $46 million ordered by Judge Christopher Klein in March. In his ruling, the judge said the bank’s mortgage modification process and mistaken foreclosure on the Sundquists’ home in Lincoln, Calif., left them in “a state of battle-fatigued demoralization.”
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