Justice Department, Department of Justice, civil settlement, toxic mortgages, Bank of America, BofA, Merrill Lynch, Countrywide Financial

News outlets are reporting that the U.S. Department of Justice and Bank of America are near agreement on a record civil settlement for actions arising out of the toxic mortgages, which significantly contributed to the financial crisis in the last decade.  Reports indicate that BofA will pay between $16 and $17 billion to settle investigations […]

Bank of America and Freddie Mac Agree to Settlement

The Bank of America and Freddie Mac have reached a settlement arising from disputes over residential mortgages that the bank sold to Freddie Mac between 2000 and 2009. Many of the loans were worthless. The settlement calls for the payment of $404 million to settle call claims arising from residential mortgage repurchase agreements as well […]

Court Reluctantly Accepts Settlement in SEC Suit against Bank of America

Judge Jed Rakoff of the U.S. District Court for the Southern District of New York has reluctantly accepted a proposed global settlement of two Securities and Exchange Commission cases against the Bank of America. The settlement requires BofA to pay $150 million in penalties. The two matters revolved around BofA’s acquisition of Merrill Lynch & […]

New York AG Sues Bank of America for Fraud

The New York Attorney General sued Bank of America last week as the bank had reached a settlement with the Securities and Exchange Commission involving two other enforcement actions. The AG’s suit, filed in New York state court, alleges that BofA and two of its former officers committed securities fraud in connection with the bank’s […]

Federal Court Rejects Proposed Settlement between SEC and Bank of America

A federal district court in Manhattan has refused to accept a proposed consent judgment between the Securities and Exchange Commission and the Bank of America. The matter arose from BofA’a $50 billion acquisition of Merrill Lynch last year. The SEC alleged that before the closing of the acquisition BofA in an effort to seek authorization […]

Federal Court Analyzes SEC – BofA Settlement

Earlier this month the Securities and Exchange Commission and Bank of America reached a settlement in the SEC’s investigation of the bank relating to the propriety of disclosures it made last year during its $50 billion acquisition of Merrill Lynch. The SEC alleged that BofA had mislead its shareholders about $5 billion in bonuses that […]