B of A goes on offensive after legal victory.

SAN FRANCISCO - BankAmerica Corp. has asked the San Francisco Superior Court to sanction attorneys who brought an unsuccessful class action alleging the company conspired to fix interest rates on credit cards.

Bank of America said its motion alleges that the attorneys brought a frivolous lawsuit against the bank in hopes of "extorting a settlement or fooling enough jurors to prevail." The bank was cleared of the charges after a 10-week trial last summer.

The San Francisco-based banking giant seeks unspecified attorneys fees and costs from lawyers who brought the suit. It was previously reported, that BankAmerica spent $ 3.5 million on its legal victory, including costs for in-house attorneys.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER