Bank of AmericaBank of America Corp (BAC) will offer free services and reimbursement for losses to as many as 17 million consumers to settle allegations of data theft related to its Countrywide Financial mortgage unit.

The accord settles more than 30 lawsuits filed since Aug. 2008, The Los Angeles Times reported. Federal authorities accused Rene L. Rebollo, who worked for the Countrywide subprime division, of downloading confidential information on customers and selling it to employees of other mortgage lenders to use as sales leads.

Rebollo pleaded not guilty to charges of fraud, unauthorized access to the computer of a financial institution, illegal use of confidential information, and disclosing Social Security numbers. His trial is set to begin on Oct.19.

Bank of America acquired Countrywide in 2008. The company denied all allegations of wrongdoing and said it settled to "avoid the additional expense and uncertainty of further litigation."

Bank of America will offer the consumers free credit monitoring, identity theft insurance and reimbursement for losses of up to $50,000. The settlement was approved Monday by a federal judge in Kentucky.

Increase your money and finance knowledge from home

Introduction to Economic Indicators

Measure the performance of the economy.

View Course »

Small Cap Investing

Learn now to invest in small companies the right way.

View Course »

Add a Comment

*0 / 3000 Character Maximum

1 Comment

Filter by:

hellowe were used by countrywide home loans and now bac will not refi our home im so tired of your score is not high enough its not my fault bcbs and medicare were fighting over whom is the primary one yes that is the only thing on my credit report and too boot its there mess and look who is paying the price me.SO not fair!!!! thanks for

October 16 2010 at 11:05 PM Report abuse rate up rate down Reply