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Wednesday, August 23, 2017
Bank of America

Bank Of America To Pay Record $16.65 Billion To Settle Mortgage Claims

By Jim Puzzanghera, Los Angeles Times WASHINGTON — Bank of America Corp. has agreed to pay $16.65 billion to end federal and state investigations into the sale of toxic mortgage securities during the subprime housing boom, the largest settlement by a single company in U.S. history, the Justice Department said Thursday. The settlement includes $9.65 […]

August 21, 2014

$85 Million Swaps Settlement Opens Door For Quicker Detroit Bankruptcy Exit

By Nathan Bomey and Matt Helms, Detroit Free Press DETROIT — Judge Steven Rhodes on Friday approved a settlement between Detroit and two global banks over a disastrous financial bet engineered by former Mayor Kwame Kilpatrick’s administration. Rhodes — who had rejected two previous settlements as too generous for UBS and Bank of America — ruled […]

April 11, 2014

U.S. Suit Alleges 12 Banks Colluded In Huge Forex Market

New York (AFP) — A dozen banking giants have been sued in New York for allegedly fixing global foreign exchange rates in the latest ripple to accompany government probes of the huge market. The defendants in the class-action lawsuit, which include BNP Paribas and JPMorgan Chase, shared confidential information during private online chat sessions to […]

April 1, 2014

Advocacy Group Goes Undercover At Bank Of America, Alleges Discrimination

By Andrew Dunn, The Charlotte Observer CHARLOTTE, N.C. — The nonprofit National Fair Housing Alliance said Tuesday that it conducted an undercover investigation of Bank of America Corp. in Charleston, S.C. — and claimed it found evidence that the Charlotte bank discriminated against potential Latino borrowers. The organization filed a formal complaint with the federal Department […]

February 19, 2014

Bank Of America Earnings Rise On Better Credit Quality

New York (AFP) – Bank of America Wednesday reported an eightfold increase in quarterly earnings on improving credit quality as it positions for a strengthening U.S. economy. The U.S. banking giant reported fourth-quarter earnings of $3.2 billion on revenues of $21.5 billion, compared with earnings of $367 million on revenues of $18.7 billion in the […]

January 15, 2014

The Beginning Of Something Big…Maybe

Five dollars? Really? To use your own money? Wow. Bank of America’s decision to impose that fee for debit card use did not precipitate the Occupy Wall Street protests. But it does seem to embody much of what has driven thousands of people to the streets, first in the New York financial center and now […]

October 9, 2011

‘Job Creator’ To Eliminate 30,000 Jobs

Bank of America, the nation’s largest bank, plans to cut about 30,000 jobs over the next few years in an effort to save $5 billion per year. These cuts, many of which the company expects to come through eliminating unfilled positions, will follow up 6,000 job cuts that the bank has already made through the […]

September 12, 2011

Bank of America Spends $8.5 Billion To Settle With Investors

Bank of America pre-emptively avoided a legal battle of massive proportions yesterday when they agreed to pay $8.5 billion to investors who had claimed that there were “material discrepancies from underwriting guidelines” (read: lies about quality) in mortgage bonds they purchased from Countrywide, the mortgage lender that Bank of America bought right before the market […]

June 29, 2011