Stueve Siegel Hanson LLP and Donelon, P.C. filed a lawsuit against Bank of America, N.A. (BOA) on behalf of telephone-dedicated employees for unpaid wages and overtime worked at company call centers across the country. The lawsuit was filed as a collective action, which means that other Bank of America employees with similar job duties may join the case to seek their unpaid wages. The lawsuit alleges that telephone-dedicated call center employees were required to perform essential preparatory and related work activities before and after their paid shifts. These activities were integral and indispensable for them to perform their duties. Examples of the alleged unlawful practices include finding a computer station, retrieving their headsets and other necessary equipment from their lockers, logging in to a computer, logging on to BOA's network, opening relevant computer programs and software applications, reviewing memoranda and email, and completing other essential tasks. Similar duties were performed after being required to clock out following their last call of the day. All call center employees that are eligible for overtime pay must submit their timesheets for approval by management. A timekeeping system (eWorkplace) is utilized to keep track of all overtime hours. The lawsuit alleges that BOA allows managers to unilaterally modify or decrease time recorded by overtime eligible associates. Additionally, BOA allows managers to instruct overtime eligible associates to modify or decrease their recorded time before the manager will approve.

Shelbourne Development Group Inc. has countersued Bank of America Corporation, claiming the financial institution 'willfully and wantonly' engaged in a systematic pattern of deception and unfairness in its dealings with it. Bank of America initiated legal action against the developer and his company during the summer, alleging failure by Shelbourne to make repayments to loans that were to be partly used to progress ambitious plans for the $2 billion (EUR 1.3 billion) Spire building in the 'Windy City'. Although, foundation work started on the 150-storey, 2,000-feet-high building, construction was halted last year following the downturn. Some of the development work had been part-financed by now Anglo Irish Bank. In court documents filed in the US and seen by the Irish Independent, Shelbourne Development has retaliated against Bank of America, accusing the financial institution of attempting to profiteer by incorrectly calculating the interest rate it applied to loans and credit facilities totaling up to $10 million granted to the firm. It also denies Bank of America's claim that no interest repayments on the loans and facilities were made between November 2008 and August 2009. Bank of America has alleged that Shelbourne Development breached the loan agreement when it failed to provide, by November 1, 2008, evidence of the availability of a facility for the purposes of financing its development and construction of the Spire. Shelbourne has conceded in court documents it did not secure that commitment, but argues that Bank of America should be temporarily barred from relying on a single alleged failure to comply with a non-monetary covenant as a basis to declare default or accelerate the loan, as well as from seeking judgments or remedies of any kind against Shelbourne.

Bank of America Corporation announced that it extended nearly $184 billion in credit during the third quarter. The bank said it has extended $759 billion in new credit since the fourth quarter of 2008. Bank of America said the figure represents almost $17 for every dollar of the $45 billion the bank received under the Troubled Asset Relief Program.