Suit Accuses BofA of Credit Report Abuses

Bank of America Corp., the largest U.S. bank by deposits, is accused in a lawsuit of illegally obtaining and circulating thousands of consumer credit reports. The complaint, filed in U.S. District Court in Baltimore, says the bank obtained the credit reports “without a permissible purpose” under the Fair Credit Reporting Act. Unnamed bank officials later disseminated the reports to individuals outside the bank, the suit says. The action was filed on behalf of more than two dozen named plaintiffs, but says that the bank circulated thousands of reports. It seeks $81 million in damages. The Charlotte, N.C.-based bank had no immediate comment. Shares in Bank of America closed up 56 cents at $50.80 on the NYSE.