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Bank of America settles credit card arbitration suit for $5 million

 Bank of America Corp.'s credit card subsidiary agreed not to bar consumer class actions or enforce customer contracts mandating arbitration under a $5 million deal to settle San Francisco's consumer protection lawsuit, both sides said Monday.

The agreement ends a suit San Francisco City Attorney Dennis Herrera brought in 2008 to stop BofA credit card subsidiary FIA Card Services NA from using purportedly anti-consumer "arbitration mills" to handle disputes with its cardholders.