State of Arizona files a suit against Bank of America

According to Reuters the state of Arizona has sued one of the largest American banks Bank of America Corp. According to Arizona Attorney General Terry Goddard they accuse the bank in constant misleading of customers about its home loan modification process. From the draft copy of the lawsuit obtained by Reuters the state charges bank with violation of consumer fraud act of Arizona.

It became known that Arizona wants to receive a $25,000 penalty per violation.