Ballard v. Bank of America, NA

Plaintiff filed suit against the Bank, alleging that the Bank violated the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691, by requiring her to serve as her husband's guarantor. Plaintiff sought equitable and injunctive relief, asserting a claim for unjust enrichment and seeking a declaratory judgment. The district court dismissed the complaint with prejudice because plaintiff failed to state a claim upon which relief could be granted and, in any event, waiver and limitation barred her claims. The court concluded that the Bank may have violated ECOA by requiring plaintiff to sign as an unlimited guarantor. However, the court concluded that plaintiff's claim failed where, in exchange for the Bank's restructuring of the loan at issue, she executed waivers to all claims against the Bank on four separate occasions over a period of more than two years. Accordingly, the court affirmed the district court's dismissal. View "Ballard v. Bank of America, NA" on Justia Law