Lawsuit accuses Bank of America of overcharging military vets

A federal lawsuit filed in Raleigh this week claims Bank of America Corp. (NYSE:BAC) charged a group of military veterans excessively high interest rates while they were serving in Iraq. Under the federal Servicemembers Civil Relief Act, financial institutions are barred from charging active-duty service members interest rates greater than 6 percent. The suit, filed Monday in the U.S. District Court for the Eastern District of North Carolina, accuses Charlotte, North Carolina-based BofA of failing…