Frequently Asked Questions

Your Legal Rights May Be Affected: The Notice explains the Action, the proposed Settlement, the requests by Class Counsel and the Class Representatives, your legal rights, what benefits are available, who is eligible for them, and how to get them.

The Notice is being sent to Class Members and posted on the Settlement Website pursuant to a Court Order requiring that Class Members be informed of the proposed Settlement and the Settlement Hearing to be held by the Court. The Settlement Hearing will consider, among other things, whether 

1. the Settlement is fair, reasonable and adequate and should be approved; and 
2. to grant Class Counsel’s request for Class Counsel Fees and the Class Representatives’ request for a Service Award. 

The Notice is not an expression of any opinion by the Court as to the merits of the claims or defenses asserted in the Action.

A.  The Allegations

Petitioners in the Action claim that BANA violated EIPA by aggregating judgment debtors’ accounts and then used that total to calculate the exempt amounts from restraint, rather than on a per account basis. Petitioners further allege that instead of making exempt funds available in judgment debtors’ accounts, BANA would send a certified check, by regular mail, to judgment debtors, for their exempt funds, delaying access to their exempt funds. Petitioners further allege that BANA improperly charged restraint fees.

Express Denial: BANA expressly denies all the claims in the Action and denies that it has done anything wrong.

B.  Status of the Action

Complaint and Subsequent Proceedings: Petitioners filed the Complaint in this action on July 5, 2011. Since then, Petitioners have prevailed on BANA’s motion to dismiss with both the trial and appellate courts, have engaged in discovery with BANA, and have obtained class certification. The parties have also conducted several rounds of mediation to resolve the dispute.

Settlement: Following extensive negotiations, the Settling Parties agreed to settle the Actions on the terms stated in the Agreement, subject to approval by the Court.

Preliminary Approval: On December 17, 2024, the Court entered an Order (“Preliminary Approval Order”) which, among other things:

1. preliminarily approved the Agreement subject to further consideration of the Settlement, and any objections, at the Settlement Hearing;
2. authorized this Notice to be posted to the Settlement Website and for notices to be sent directly to Class Members; and
3. scheduled a Settlement Hearing to consider, among other things, whether the Settlement is fair, reasonable and adequate and should be approved. 

More Information Online: Copies of the Preliminary Approval Order and its exhibits can be obtained by visiting the Settlement Website at the section entitled “Documents” or by requesting a copy from the Settlement Administrator.

The Settlement Administrator can be contacted by telephone at (833) 876-9292, on the Contact Us page, or by mail at the P.O. Box address:

Class Actions and Class Representatives: A class action is similar to any lawsuit, except that it is prosecuted by the petitioner, referred to as the “Class Representative,” on an individual basis and on behalf of a class of similarly situated persons – which might include you. 

Class Counsel: Counsel for the petitioner typically serves as counsel for the Class and is referred to as “Class Counsel.” Class Counsel owes a fiduciary duty to the Class and acts as your lawyer if you are determined to be a Class Member.

Court Supervision: The Court in a class action actively supervises the conduct of the proceedings to ensure that the interests of the Class are fairly represented. Among other things, the Court must approve the appointment of petitioners as the class representatives and petitioners’ counsel as Class Counsel. The class action may not be settled unless the Court determines that the settlement is fair, reasonable, and adequate to Class Members, and should be approved. Moreover, in a class action, determinations by the Court, whether or not favorable to the petitioner, will also bind the Class Members that the petitioner represents, unless a Class Member has requested to be excluded from the Class.

Appointment of Class Representatives and Class Counsel: The Court, appointed the Petitioners to be the Class Representatives and Petitioners’ counsel, the law firm of the Law Offices of G. Oliver Koppell & Associates, by G. Oliver Koppell and Daniel F. Schreck, to be Class Counsel. 

Contact Class Counsel: Class Counsel can be contacted, if necessary, as follows:

Law Offices of G. Oliver Koppell & Associates

99 Park Ave., Suite 1100

New York, New York 10016

(212) 867-3838

Appointment of Settlement Administrator: In its Preliminary Approval Order, the Court appointed Kroll Settlement Administration LLC to act as the Settlement Administrator. Its responsibilities include, among other things, sending out this Notice, creating and maintaining the Settlement Website, responding to inquiries from, and communicating with, Class Members and, if the Settlement is approved, issuing of a Settlement payment. 

Contact Settlement Administrator: The Settlement Administrator can be contacted by telephone at (833) 876-9292, on this Settlement Website via the "Contact Us" option, or by mail at the P.O. Box address:

Jackson v. Bank of America, N.A.

c/o Kroll Settlement Administration LLC

P.O. Box 225391

New York, NY 10150-5391

If you choose to contact the Settlement Administrator, then please refer to the Action and provide your full name and email or mailing address. Submissions to the Settlement Administrator of request for exclusion from the Class must be done in the manner and method described below (see Question 16).

You are a Class Member if you are or were a BANA account holder that met the definition of a Class Member stated at the beginning of this Notice.

If you received a Postcard Notice referring you to the Settlement Website or this Notice sent directly to you concerning the proposed Settlement, then you are likely a Class Member, unless the Notice was sent in error. 

In any of these events, you can determine if you are a Class Member by calling the Settlement Administrator at the toll-free number (833) 876-9292 or by using the Contact Us form found on this Settlement Website.

The Court has not reached any final decisions concerning the Class Representatives’ claims against BANA. 

Avoiding Further Litigation, Uncertainty and Costs: The Class Representatives and BANA have agreed to the proposed Settlement. In reaching the Settlement, they have avoided the cost, delay and uncertainty of further litigation.

As in any lawsuit, the Class Representatives and the proposed Class would face an uncertain outcome if they did not agree to the proposed Settlement. The Settling Parties expected that the Action could continue for a long time and that, if the Class Representatives succeeded, then BANA would file appeals that would substantially postpone final resolution of the Action. Continuation of the Actions against BANA could result in a judgment greater than the proposed Settlement. Conversely, continuing the Action could result in no recovery at all or a recovery that is less than the amount of the proposed Settlement.

Fairness Reasonableness and Adequacy: The Class Representatives and Class Counsel believe that the proposed Settlement is fair, reasonable, and adequate and should be approved by the Court. They have reached this conclusion for several reasons. If the Settlement is approved, then the Class Members will receive a monetary recovery. In addition, BANA has agreed to modify its practices as to how restraining notices are handled under EIPA to address the claims made in this lawsuit. 

Class Counsel believes that the significant and immediate benefits of the proposed Settlement are an excellent result for the Class – especially given the risks and uncertainties of continued litigation. Before the Settlement Hearing is held, Class Representatives and BANA will engage in certain discovery to confirm the fairness of the Settlement. 

Express Denial: BANA expressly denies any wrongdoing whatsoever, and is making this Agreement solely to avoid the continuing costs, distractions from daily business operations and risks concerning the Action, and to accommodate customers who are Class Members.

No Admission: This Agreement is not, and shall not be construed or deemed to be, evidence of an admission or concession by BANA concerning any claim, liability, or damage. 

Class Members who do not opt out of the Settlement shall receive, from the Settlement Fund, a pro rata share of the Settlement Fund, less any Court approved costs for Class Counsel’s attorney’s fees and costs, and Class Representatives Service Awards. Assuming the maximum amount is awarded in attorney’s fees and Service Awards, it is estimated that Class Members will receive approximately thirty-five dollars ($35).

Checks issued to Class Members will remain valid for a period of 180 calendar days after issuance but, if not cashed or otherwise negotiated by the end of such period, will be cancelled as stale and will not be reissued.

If more than one Class Member was an account holder for one account, for example, if the account was held in the name of the husband and wife, then all such Class Members will be:

1. entitled to only one Settlement payment, the amount of which shall be determined based on the above criteria and which amount shall be embodied in one check made payable to all such Class Members; 
2. solely responsible for the allocation, if any, of the payment between and among all such Class Members; and 
3. solely responsible for taking all steps necessary to negotiate any payment made payable to all such Class Members, including but not limited to all costs associated with taking such steps.

Yes.

BANA, as of August, 2017, adopted the practice of no longer aggregating judgment debtors’ accounts prior to calculating exempt amounts. This will maximize the amount of exempt funds available to judgment debtors.

Second, BANA, as of February 2023, adopted the policy of retaining as available in judgment debtors’ accounts all exempt monies. This will prevent judgment debtors’ from losing access to their exempt monies pending issuance and deposit of a check for the exempt amounts, or checks/electronic debits from being rejected because the exempt amounts are not available. These new procedures will enable account holders who have exempt funds in their accounts to continue to maintain their accounts and utilize them for regular banking purposes. BANA has stated that both these policy changes are a direct result of this litigation. 

You do not need to do anything. If the Court approves the Settlement, then your payment will be sent to you.

The Court will hold a Settlement Hearing on June 18, 2025, at 9:30 a.m. ET, to decide whether to approve the proposed Settlement. If the Court approves the Settlement, then there may be appeals. 

It is always uncertain whether these appeals can be resolved favorably, and resolving them can take time, perhaps more than a year. If there are no appeals then the Settlement Administrator could issue payment as early as forty-five (45) days after the Court’s approval of the Settlement becomes final. 

Please be patient.

If the Court approves the proposed Settlement, then it will enter a Judgment containing, among other things, a release which provides that, on the Effective Date, each of the Class Representatives and each Class Member, on behalf of themselves, and each of their heirs, executors, trustees, administrators, beneficiaries, predecessors, successors, and assigns, and any other person claiming by, through or on behalf of them, shall be deemed by operation of law: 

1. to have released, waived, discharged, and dismissed each and every of the Settled Claims against the Released Parties; 
2. shall forever be enjoined from commencing, instituting, or prosecuting any or all of the Settled Claims against any of the Released Parties; and 
3. shall not institute, continue, maintain, or assert, either directly or indirectly, whether in the United States or elsewhere, on their own behalf or on behalf of any class or any other person, any action, suit, cause of action, claim, or demand against any person or entity who may claim any form of contribution or indemnity from any of the Released Parties concerning any Settled Claim.

More Information Online: The above description of the release applicable to the Class Representatives and Class Members is only a summary. The complete terms, including the definitions of capitalized terms not defined in this Notice, are stated in the Agreement, which you may obtain from the Documents section on the Settlement Website or by contacting the Settlement Administrator at the contact information listed above (see Question 3).

No. If the Settlement is approved by the Court, then you will receive payment.

If, however, you require any information about the proposed Settlement that is not otherwise available on the Settlement Website or you prefer not to review the Settlement Website to obtain information about the proposed Settlement, then you may contact, as appropriate, either the Settlement Administrator or Class Counsel at the contact information listed above (see Question 3).

No. 

The Agreement may be terminated under several circumstances outlined in it. 

If the Agreement is terminated, then the Action will proceed as if the Agreement had not been entered.

A copy of the Agreement is available in the Documents section of this Settlement Website.

Yes. 

Class Counsel has been preliminarily appointed by the Court to represent the Class Representatives and Class Members. 

You will not be charged any fees nor incur any costs by contacting Class Counsel concerning any questions you may have regarding the Action or the proposed Settlement. 

Class Counsel may be contacted at the contact information listed above (see Question 3).

Class Counsel will file a motion for an award of Class Counsel Fees, consisting of their attorneys’ fees and the reimbursement of their costs and expenses incurred in the Action. That motion and any objections will be considered by the Court at the Settlement Hearing. 

Any Class Counsel Fees approved by the Court will be paid from the Settlement Fund. Class Counsel has agreed to cap its fee request at no more than one-third of the Settlement Fund (33.33% or $949,905). 

Class Members are not personally liable for any Class Counsel Fees that may be awarded by the Court, nor for any attorneys’ fees, costs or expenses incurred by Class Counsel in prosecuting the Action.

The Class Counsel Fees requested will be the only payment to Class Counsel for their efforts in achieving the proposed Settlement and for their risk in undertaking this representation on a wholly contingent basis. Class Counsel has committed significant time and expense in litigating the Action for the benefit of the Classes. To date, Class Counsel has not been paid for their services in prosecuting the Action on behalf of the Class Representatives and the Class, or reimbursed for their costs and expenses. 

The Class Counsel Fees requested will compensate Class Counsel for their work in achieving the proposed Settlement. 

The Court will decide what a reasonable Class Counsel fee award is and may award less than the amount requested by Class Counsel. 

Yes. 

The Class Representatives will request that the Court award each Class Representative a Service Award of no more than $13,000 each for the time and effort expended in representing the Class in the Action. The Class Representatives are three people who were treated by BANA in a similar way to you after their accounts were restrained.

The Court will consider the Class Representatives’ request at the Settlement Hearing. Any Service Awards approved by the Court will be paid out of the Settlement Fund before payment to Class Members. 

Class Members are not personally liable for any Service Award that the Court may award.

Yes. 

If you do not want to receive a Settlement payment from the proposed Settlement and you want to keep your right, if any, to sue BANA, at your own expense, concerning the claims raised in the Action, then you must take steps to exclude yourself from the Class.

How to Exclude: To exclude yourself from the Class, you must submit a written request, by first class mail, postage pre-paid, to the Settlement Administrator at the mailing address listed above (see Question 3).

Mailing Date Required: To be effective, your written exclusion request must be postmarked no later than May 19, 2025. 

Exclusion Request Content: In addition, your written exclusion request must clearly provide all of the following information: 

1. the name, email address and current mailing address of the person seeking exclusion; 
2. last four digits of the BANA account number; and 
3. a signed statement that you wish to be excluded from the Class and the Settlement in Jackson v. Bank of America, N.A., Index No. 15145-11.

If the exclusion request is made by someone other than you on your behalf, then the person or entity submitting the exclusion request must provide documentation evidencing authority to submit the exclusion request on your behalf. The exclusion request shall not be effective unless it provides the required information and is made within the time stated above, or the exclusion is otherwise accepted by the Court.

You cannot make a proper request to exclude yourself from the Class by telephone, by email, or by contacting anyone other than the Settlement Administrator in the manner and by the deadline stated immediately above. 

If you make a proper exclusion request, then you will not receive a payment from the Settlement; you cannot object to the proposed Settlement; and you will not be legally bound by any judgments that may be entered in the Action or by the terms of the proposed Settlement, if approved by the Court.

No. 

If you exclude yourself from the Class then you will no longer be a Class Member and, as such, will not be eligible for any recovery from the proposed Settlement, if approved.

Yes. 

If you are a Class Member and have not requested to exclude yourself from the Class, then you can object to the Settlement, or any part of it, as well as to Class Counsel’s request for Class Counsel Fees and the Class Representatives’ request for a Service Award.

To object, you must, no later than May 19, 2025, have filed in writing your objection and any supporting papers with the Court (accompanied by due proof of service upon counsel for the Settling Parties) and have served, by hand, mail, or overnight delivery, copies of all such written filings on counsel for the Settling Parties at the following addresses:

To the Court:

Hon. Richard Velasquez

Supreme Court of the State of New York, Kings County

360 Adams St.

Brooklyn, New York 11201

To Class Counsel:

G. Oliver Koppell, Esquire

Daniel F. Schreck, Esquire

Law Offices of G. Oliver Koppell & Associates

99 Park Ave., Suite 1100

New York, New York, 10016

To BANA’s Counsel:

Yoav M. Griver, Esq.

Daniel Park, Esq.

Zeichner Ellman & Krause LLP

730 Third Avenue

New York, New York 10017

Objection Content: In addition, your written objection must include all of the following information: 

1. your name, email address, and current mailing address; 
2. last four digits of the BANA account number; and 
3. a signed statement that you object to the Settlement in Jackson v. Bank of America, N.A., Index No. 15145/2011 and that states the reasons for such objection.

Attendance Not Required: Attendance at the Settlement Hearing is not necessary for you to object to any matters to be presented at the Settlement Hearing. But if you or your representative wish to appear to be heard orally to oppose any matters to be presented at the Settlement Hearing (including the approval of the Settlement) and/or present evidence at the Settlement Hearing, you must include with the filing and service of your written objection a notice of your intent to appear at the Settlement Hearing and the identity of any witnesses you may seek to call to testify and exhibits you may seek to introduce into evidence at the Settlement Hearing.

Written Objections Only: Unless the Court orders otherwise, no Class Member or other person shall be entitled to object to any matters to be presented at the Settlement Hearing, or otherwise be heard at the Settlement Hearing, except by serving and filing written objections as described above.

Binding Judgment: Any Class Member who does not object in the manner prescribed above shall be deemed to have waived such objection and shall be bound by any judgments entered in the Actions and all the terms of the Settlement Agreement, if approved by the Court, unless the Class Member has properly requested to be excluded from the Class.

Objection: Objecting is simply telling the Court that you do not like the Settlement or some part of it. You can only object if you remain a Class Member. 

Exclusion: Excluding yourself is telling the Court that you don’t want to be part of the Class. If you exclude yourself, then you have no basis to object because the Action and the proposed Settlement no longer affect you.

The Settlement Hearing will be held on June 18, 2025, at 9:30 a.m. ET, before the Hon. Richard Velasquez, at the Supreme Court of the State of New York, Kings County, 360 Adams St., Brooklyn, New York 11201. 

The Settlement Hearing’s purpose will be to determine whether: 

1. the proposed Settlement, as embodied in the Agreement, is fair, reasonable, and adequate, and should be approved; 
2. to enter the Judgment, which, among other things, provides for the dismissal of the Action with prejudice and the release by the Class Representatives and Class Members of the Settled Claims as against the Released Parties; 
3. to grant Class Counsel’s application for an award of Class Counsel Fees; 
4. to grant the Class Representatives’ request for a Service Award; and 
5. to rule upon such other matters as the Court may deem appropriate.

Yes, upon prior notice. 

If you or your representative wish to raise an objection at the Settlement Hearing to any matter to be addressed at the Settlement Hearing, then you must first inform the Court and counsel for the Settling Parties of your intention to speak according to the instructions stated in Question 18. 

You cannot speak at the Settlement Hearing if you properly requested to exclude yourself from the Class.

No. 

Class Counsel will be there to answer any questions the Court may have, but you are welcome to come at your own expense. 

If you file and serve a written objection to the proposed Settlement (or any part of it) according to the instructions stated in Question 18, then you need not appear at the Settlement Hearing to talk about it. So long as you complied with the requirements for filing and serving an objection as stated in Question 18, the Court will consider it.

You may also pay your own lawyer to attend the Settlement Hearing, but it is not necessary.

If you do nothing and the Settlement is approved, they you will receive your share of the Settlement payment. If the Settlement is not approved, then the case against BANA will continue. 

The Settlement Administrator may report to the United States Internal Revenue Service on IRS Form 1099-MISC any payment made to a Class Member in the amount you receive. The Settlement Administrator may also withhold any taxes from the payment if applicable. 

The tax treatment of any payment you may be eligible to receive is your responsibility, including whether you are subject to tax withholding and, if so, what steps, if any, you may or must take to accept a distribution that does not withhold any funds for tax purposes. Neither the Settlement Administrator nor the Settling Parties and their counsel (including Class Counsel and BANA’s counsel) can provide you with individual tax advice. 

Accordingly, you should consult your tax advisor if you are not certain about the tax treatment of a payment you may be eligible to receive from the Settlement.

The Notice contains only a summary of the terms of the proposed Settlement. 

The records in the Actions may be examined and copied at any time during regular office hours, and subject to customary copying fees, at the office of the Clerk of Court, Supreme Court of the State of New York, Kings County, 360 Adams St., Brooklyn, New York 11201 or in the e-filing website that can be found at www.nycourts.gov. 

In addition, Settlement related documents, including the Agreement and Preliminary Approval Order, may be obtained by visiting the Settlement Website or by contacting the Settlement Administrator in the manner and at the contact details stated Below:

The Settlement Administrator can be contacted by telephone at (833) 876-9292, on the Contact Us page, or by mail at the P.O. Box address:

Jackson v. Bank of America, N.A.

c/o Kroll Settlement Administration LLC

P.O. Box 225391

New York, NY 10150-5391

PLEASE DO NOT WRITE TO OR TELEPHONE THE COURT FOR INFORMATION.