Market Overview

Bank Of America In Record $17 Billion Settlement

Share:
Related BAC
UBS Sees Capital Returns Plans By Big Banks 'Largely Better Than Expected'
Analysts Compare JPMorgan, Citigroup, Other Big Banks' Capital Plans To Expectations
U.S. Market Indexes Continue to Gain With Active Stock Trading (GuruFocus)

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!