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University of California, Berkeley School of Law.

A $4 million windfall granted to each of the five law schools within the University of California system in March has been whittled down to $30,000 per campus by a federal bankruptcy judge.

The schools were set to pocket $4 million each from Bank of America as part of a judgment against the financial institution for its years-long mismanagement of a California couple’s mortgage. The collective $40 million in punitive damages awarded to the schools and two consumer protection groups—none of which were involved in the initial lawsuit—were intended to catch Bank of America’s attention and prompt it to improve the way it treats customers, according to the March 2017 ruling by U.S. Bankruptcy Judge Christopher Klein of the Eastern District of California.

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Karen Sloan

Karen Sloan is the Legal Education Editor and Senior Writer at ALM. Contact her at [email protected] On Twitter: @KarenSloanNLJ Sign up for Ahead of the Curve—her weekly email update on trends and innovation in legal education—here: https://www.law.com/briefings/ahead-of-the-curve/

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