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Bank Of America In Record $17 Billion Settlement

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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


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