Market Overview

Bank Of America In Record $17 Billion Settlement

Related BAC
Bank Of America's Merrill Lynch Hit With SEC Charges Related To Mini-Flash Crashes
Interest Rates Are Still Perking Up
Wells Fargo CEO Stumpf, Ex-Top Exec Give Up Stock Awards Amid Scandal (Investor's Business Daily)

Shares of Bank of America (NYSE: BAC) are trading higher on the back of an Associated Press story confirming that the bank has reached a definitive agreement to pay a roughly $17 billion fine, marking the biggest ever settlement between the U.S. government and a company.

This agreement had been tentatively reached on August 6, but was finalized Wednesday.

In a related story, civil prosecution may be brought against former Countrywide Financial head Angelo Mozilo regarding mortgage issuance during the sub-prime boom. Bank of America took over Countrywide during the the financial crisis in July 2008.

Bank of America shares are up 0.5 percent to $15.50.

Posted-In: News Legal


Related Articles (BAC)

View Comments and Join the Discussion!