BofA settles privacy lawsuit

Bank of America Corp. agreed to pay $14 million to resolve claims that it improperly disclosed customer information to marketers and third parties without permission.

The bank will pay $10.75 million to 35 million checking and savings customers nationwide and to credit card customers in California and $3.25 million to finance privacy projects, said Shirley Norton, a spokeswoman for the bank.

BofA did not admit wrongdoing in the accord.

“Bank of America denies all allegations of wrongdoing and contends that it fully complied with the law, its privacy policy and its customer agreements,” Norton said.

The class-action lawsuit, filed in 1999 in state court in San Francisco, accused the bank of disclosing customers’ confidential information to third parties to market products or services, according to a notice sent to customers.