Civil liability.

CFR · 2024-01-01 · US · Title 12

(a) (1) Any actual damage sustained by that person as a result of the failure; (2) Such additional amount as the court may allow, except that— (i) In the case of an individual action, liability under this paragraph shall not be less than $100 nor greater than $1,100; and (ii) In the case of a class action— (A) No minimum recovery shall be applicable to each member of the class; and (B) The total recovery under this paragraph in any class action or series of class actions arising out of the same failure to comply by the same depositary bank shall not be more than the lesser of $552,500 or 1 percent of the net worth of the bank involved; and (3) In the case of a successful action to enforce the foregoing liability, the costs of the action, together with a reasonable attorney's fee as determined by the court. (b) (1) The amount of any damages awarded; (2) The frequency and persistence of failures of compliance; (3) The resources of the bank; (4) The number of persons adversely affected; and (5) The extent to which the failure of compliance was intentional. (c) (2) (d) (e) (f) (g) (2) If a bank has actual notice that it is being investigated, or is subject to an enforcement proceeding by an agency charged with monitoring that bank's compliance with the EFA Act and this subpart, or has been served with notice of an action filed under this section, it shall retain the records pertaining to the action or proceeding pending final disposition of the matter, unless an earlier time is a

official document · source cfr-2024 · id 12:§ 229.21