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Today in legal history...

Friday, June 29, 2012

Bank of America agreed to pay $8.5 billion to settle bad mortgage-backed securities claims
Cody Harding at 12:00 AM ET

On June 29, 2011, Bank of America (BOA) announced an $8.5 billion settlement agreement arising from claims that it had sold bad securities that contributed to the housing market collapse. The securities, called first-lien residential mortgage-backed securitization, were issued by its Countrywide Financial unit. In November 2011, a federal judge for the US District Court for the Southern District of Florida gave final approval to BOA's $410 million settlement of a class action suit concerning overdraft fees. The following month, the company reached two additional settlements: a $315 million settlement of claims brought by investors alleging they were misled with respect to mortgage-backed investments and a $335 million settlement with the Department of Justice, relating to discriminatory lending practices.

Learn more about Bank of America and the financial crisis from the JURIST news archive.




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