California judge increases Bank of America damages to $284 million US

California judge increases Bank of America damages to $284 million US

SAN FRANCISCO (AP) - A California judge wants to nearly quadruple the damages Bank of America must pay to an estimated 1.3 million customers whose Social Security (news - web sites) accounts a jury found were illegally raided. The move could put the bank on the hook for more than $1.5 billion US.

In February, a jury awarded $75 million in damages to the bank customers, in addition to $1,000 in special damages to each one who proves the bank's actions caused substantial emotional or economic harm.

On Thursday, the state judge who presided over the trial, Anne Bouliane, tentatively increased the $75 million in general damages to $284 million - the amount of money she determined the Charlotte, N.C.-based bank siphoned from the customers' direct-deposited Social Security accounts.

more...

California judge increases Bank of America damages to $284 million US

Do you think this a precursor to the type of behavior we could expect to see if Social Security gets "privatized"? Different situation, I know, but so often when it comes to money greed and the bottom line wins out.