Bank Of America Nearing $17 Billion Mortgage Settlement With U.S. Department Of Justice
Bank of America (NYSE: BAC) and the Justice Department are near completion of a potential $17 billion deal to settle mortgage probes dating back to the financial crisis, according to The Wall Street Journal.
The report noted that cash penalties would amount to nearly $9 billion.
WSJ also reported that Attorney General Eric Holder and Bank of America CEO Brian Moynihan discussed the potential deal during a phone conversation last Thursday, with the Department of Justice pushing for $17 billion in fines and Bank of America looking to limit the exposure to $13 billion.
Shares of Bank of America are little changed following the announcement.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.