August 21, 2014
by William Hibbitts
The US Department of Justice (DOJ) on Thursday announced a $16.65 billion settlement with Bank of America (BOA) to settle claims that it sold precarious mortgage-backed securities to investors. Of the $16.65 billion, $9.65 billion will be split among federal and state entities while the remaining ...[read more]
February 25, 2014
by Kyle Webster
The ongoing saga of major bank settlements with the Department of Justice, Fannie Mae and Freddie Mac is mostly the result of the economic crisis of 2007-2008. Prior to this time, Bank of America and JPMorgan Chase & Co. sold billions of dollars in mortgage loans and mortgage securities to ...[read more]
January 31, 2014
by Samuel Franklin
A New York state judge on Friday approved an $8.5 billion settlement between Bank of America (BOA) and almost two dozen mortgage securities investors, holding that the 2011 agreement was reached in good faith. In a 54-page ruling, New York State Supreme Court Justice Barbara Kapnick found that BNY ...[read more]
October 24, 2013
by Stephen Adelgren
A jury in the US District Court for the Southern District of New York on Wednesday found Bank of America (BOA) liable for fraudulently making bad loans and for removing quality checks for those loans. Also implicated in the verdict are Countrywide (a subdivision of Bank of America) and senior ...[read more]
August 7, 2013
by Samuel Franklin
The US Department of Justice (DOJ) on Tuesday filed suit against Bank of America (BOA) in the US District Court for the Western District of North Carolina, claiming the corporation misled investors about securitized loans worth more than $850 million. The complaint alleges that BOA deceived ...[read more]
January 7, 2013
by Dan Taglioli
Bank of America (BOA) on Monday reached a $10.3 billion settlement with Fannie Mae to settle claims that Countrywide Financial Corporation, now a BOA subsidiary, employed faulty lending practices on $1.4 trillion in mortgages that were sold to Fannie Mae as investment products from 2000 to 2008. ...[read more]
October 24, 2012
by Jerry Votava
US Attorney Preet Bharara on Wednesday filed a $1 billion civil lawsuit against Bank of America (BOA) claiming the bank committed fraud in residential mortgages. The claim was filed in the US District Court for the Southern District of New York (SDNY) and alleges that Countrywide Financial, a home ...[read more]
September 28, 2012
by Michael Haggerson
Bank of America (BOA) announced Friday that it has agreed to pay $2.43 billion to settle a class action lawsuit with investors over its $18.5 billion acquisition of Merrill Lynch in January 2009. Investors alleged that BOA failed to disclose information about Merrill and made misrepresentations ...[read more]
July 19, 2012
by Dan Taglioli
Bank of America (BOA) agreed Tuesday to pay $375 million in a settlement with bond insurer Syncora Guarantee over claims that Syncora was misled into insuring toxic mortgage-backed securities of BOA-owned Countrywide Financial Corporation. Syncora filed a lawsuit against BOA and Countrywide in ...[read more]
July 13, 2012
by Rebecca DiLeonardo
The US Court of Appeals for the Ninth Circuit on Thursday dismissed a lawsuit against several banks, including Bank of America (BOA) and Wells Fargo & Company, alleging that banks engaged in price-fixing practices when setting fees for using ATMs managed by other banks. The three-judge panel ...[read more]

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